💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1855.50 on 02/10/2021, so more losses minimum to Major Support (1762.05) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 37.
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Golddollar
XAU/USD Forecast: LongHere is an update on XAU/USD
RECAP:
In our previous analysis XAU/USD was trading at $1788
We expected a reversal after a bullish harmonic pattern had formed.
We cautioned of a high possibility of a further move to the downside and this is what happened.
Gold reached lows of $1769 triggering our Sell Stop at $1780 and hitting our TP at $1770 banking 200 pips over 20 positions on this trade order.
We had an active sell order which we noted in our previous analysis which we had opened at $1810 which we also closed at $1770. In total we banked 1000 pips on Gold.
WHAT TO EXPECT:
Currently Gold is trading at $1786
Bullish Harmonic pattern has extended to $1770
Gold is currently struggling to break above $1790-$1785 range which was previous support for the pair.
A break above $1790 will create a chance for Gold to go back to $1800 and try to break resistance at $1810.
If Gold fails to break above $1790 we might see it being range bound between $1790-$1765 before a further move to the downside.
A break below $1765, will allow the pair to test $1750 resistance/support level of June 2020
OUR POSITIONS:
Currently @ $1786
Buy Stop @: $1795
Buy Stop TP @: $1805
Buy Stop TP2 @: $1820
Sell Stop @: 1760
Sell Stop TP @: $1750
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1876.20 on 01/29/2021, so more losses to support(s) 1790.00 and minimum to Major Support (1762.05) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 40.
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💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1876.20 on 01/29/2021, so more losses to support(s) 1790.00 and minimum to Major Support (1762.05) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 40.
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💡 Don't miss the buying opportunity in XAUUSDMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1802.00 on 01/18/2021, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 46.
Trade Setup:
We opened 6 BUY trade(s) @ 1836.93 based on 'Hammer' entry method at 2021.01.18.
Total Profit: 9052 point
Closed trade(s): 3822 point Profit
Open trade(s): 5230 point Profit
Closed Profit:
TP1 @ 1875.15 touched at 2021.01.29 with 3822 point Profit.
Open Profit:
Profit for one trade is 1847.39(current price) - 1836.93(open price) = 1046 point
5 trade(s) still open, therefore total profit for open trade(s) is 1046 x 5 = 5230 point
Take Profits:
TP1 @ 1875.15
TP2 @ 1902.60
TP3 @ 1931.40
TP4 @ 1965.50
TP5 @ 2075.05
TP6 Free
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💡 Don't miss the buying opportunity in XAUUSDMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1802.00 on 01/18/2021, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 46.
Trade Setup:
We opened 6 BUY trade(s) @ 1836.93 based on 'Hammer' entry method at 2021.01.18.
Total Profit: 9052 point
Closed trade(s): 3822 point Profit
Open trade(s): 5230 point Profit
Closed Profit:
TP1 @ 1875.15 touched at 2021.01.29 with 3822 point Profit.
Open Profit:
Profit for one trade is 1847.39(current price) - 1836.93(open price) = 1046 point
5 trade(s) still open, therefore total profit for open trade(s) is 1046 x 5 = 5230 point
Take Profits:
TP1 @ 1875.15
TP2 @ 1902.60
TP3 @ 1931.40
TP4 @ 1965.50
TP5 @ 2075.05
TP6 Free
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💡Don't miss the great buy opportunity in XAUUSDTrading suggestion:
". There is a possibility of temporary retracement to suggested support line (1851.58).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. XAUUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 71.
Take Profits:
TP1= @ 1877.50
TP2= @ 1887.81
TP3= @ 1902.33
TP4= @ 1928.23
TP5= @ 1960.00
SL= Break below S2
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💡Don't miss the great buy opportunity in XAUUSDTrading suggestion:
". There is a possibility of temporary retracement to suggested support line (1851.58).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. XAUUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 71.
Take Profits:
TP1= @ 1877.50
TP2= @ 1887.81
TP3= @ 1902.33
TP4= @ 1928.23
TP5= @ 1960.00
SL= Break below S2
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💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1762.05 on 12/14/2020, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 40.
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💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1762.05 on 12/14/2020, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 40.
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ForecastCity English Support Team ❤️
💡💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1762.05 on 12/14/2020, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 43.
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💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1762.05 on 12/14/2020, so more gains to resistance(s) 1875.15 and maximum to Major Resistance (1902.60) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 43.
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. . . . . Please show your support back,
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💡Don't miss the great buy opportunity in XAUUSDTrading suggestion:
". There is a possibility of temporary retracement to suggested support line (1896).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. Gold/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 63.
Take Profits:
TP1= @ 1965
TP2= @ 2007
TP3= @ 2075
TP4= @ 2149
TP5= @ 2250
SL= Break below S2
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💡Don't miss the great buy opportunity in XAUUSDTrading suggestion:
". There is a possibility of temporary retracement to suggested support line (1896).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. Gold/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 63.
Take Profits:
TP1= @ 1965
TP2= @ 2007
TP3= @ 2075
TP4= @ 2149
TP5= @ 2250
SL= Break below S2
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ForecastCity English Support Team ❤️
💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1818.00 on 12/14/2020, so more gains maximum to Major Resistance (1902.60) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.
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💡GOLD (XAUUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1762.05, resumption of uptrend is expected.
We make sure when the resistance at 1902.60 breaks.
If the support at 1762.05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1818.00 on 12/14/2020, so more gains maximum to Major Resistance (1902.60) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 56.
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Trade well, ❤️
ForecastCity English Support Team ❤️