Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast		Gold technical chart
Symbol	XAUUSD	Download MT4 template file Trading suggestion: There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1909.00 to 1920.00). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone. We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets. Beginning of entry zone (1909.00) Resistance on 07/24/2020 Support on 07/28/2020 Support on 08/12/2020 Support on 08/13/2020 Support on 08/21/2020 Support on 08/26/2020 Support on 08/27/2020 Support on 09/08/2020 Support on 09/21/2020 Resistance on 09/23/2020 Resistance on 10/01/2020 Ending of entry zone (1920.00) Support on 07/28/2020 Support on 08/19/2020 Support on 08/20/2020 Support on 08/21/2020 Support on 08/24/2020 Support on 08/25/2020 Support on 08/26/2020 Support on 08/27/2020 Support on 08/28/2020 Support on 09/03/2020 Support on 09/04/2020 Support on 09/08/2020 Support on 09/09/2020 Resistance on 09/22/2020
Date	October 3, 2020 - 13:20
Current	downtrend
Forecast	continuation of downtrend
Midterm forecast: While the price is below the resistance 1920.00, continuation of downtrend is expected. We make sure when the support at 1747.50 breaks. If the resistance at 1920.00 is broken, the short-term forecast -continuation of downtrend- will be invalid. Technical analysis: The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend. While the RSI resistance #1 at 51 is not broken, the probability of price increase would be too low. A trough is formed in daily chart at 1846.50 on 09/28/2020, so more gains to resistance(s) 1909.00 and maximum to Major Resistance (1920.00) 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. Take Profits: 1851.00 Support on 09/28/2020 Support on 09/25/2020 Support on 09/24/2020 1817.75 Resistance on 07/20/2020 Resistance on 07/15/2020 Resistance on 07/09/2020 1747.50 Support on 06/26/2020 Support on 06/23/2020 Resistance on 06/19/2020 Resistance on 06/11/2020 Resistance on 06/02/2020 Resistance on 05/21/2020 Resistance on 05/20/2020 Resistance on 05/19/2020 Resistance on 05/18/2020 Resistance on 05/15/2020 Resistance on 04/14/2020 1695.00 Support on 06/09/2020 Support on 06/04/2020 Support on 06/03/2020 Support on 05/27/2020 Support on 05/12/2020 Support on 05/11/2020 Support on 05/05/2020 Support on 05/04/2020 Support on 04/29/2020 Support on 04/28/2020 Resistance on 04/21/2020 Resistance on 04/20/2020 Resistance on 03/09/2020 Resistance on 03/06/2020 Resistance on 01/23/2013 Resistance on 01/22/2013 Resistance on 01/18/2013 Resistance on 01/17/2013 Resistance on 01/02/2013 Support on 12/17/2012 Support on 12/14/2012 Support on 12/13/2012 Support on 12/07/2012 1557.00 Resistance on 03/23/2020 Resistance on 03/17/2020 Support on 03/12/2020 Support on 01/24/2020 Support on 01/23/2020 Resistance on 01/16/2020 Resistance on 01/15/2020 Support on 01/07/2020 Resistance on 09/04/2019 Resistance on 08/26/2019 Support on 04/11/2013 Support on 04/10/2013 Support on 04/03/2013 Support on 02/21/2013 Support on 02/20/2013 Click on the level to view price action history.