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GOLD(XAUUSD) -Weekly Forecast,Technical Analysis & Trading Ideas

💡 XAUUSD Daily Timeframe:

As forecasted by 4CastMachine AI last week, gold started its decline when it hit the red channel line.
This decline will continue, but the support area of 2955 could trigger a rebound.
At the support area of 2955, the up trend line will also prevent further declines.
If this area is broken, the price will decline to the support area of 2789.95.
This area, which was previously a major resistance, will become a major support, creating a good buying opportunity.
So, given the long-term uptrend, we can use this area as a long-term BUY ZONE.

💡 GOLD H4 Timeframe:

The price is in a Corrective wave.
Given the break of the ascending trend line in the RSI, the corrective wave is expected to continue to a depth of 2955.

💡 H1 Timeframe:

A Head and Shoulder Reversal Pattern has formed and the neckline has also been broken. Price is touching the neckline again. It is very likely that the downward wave will start from this area.
3027.83 support is broken now. It will act as a Resistance now!

Forecast:

Correction wave toward the Sell Zone
Another Downward Impulse wave toward Lower TPs

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ForecastCity Support Team

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💡 H1 Timeframe:

The Head and Shoulders pattern forecasted by the 4CastMachine played its role beautifully.
The price entered the sell zone with a corrective wave and hit the neckline and resistance at 3027.83.
The new wave has started with a downward momentum.

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💡 Daily & H4 Timeframe:

The price fell according to the forecast on the one-hour timeframe. Now we should wait for the forecasts on the four-hour and daily timeframes to prevent further decline within the specified limits.

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