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Weekly forecast Gold technical chart
Symbol XAUUSD

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Trade Setup

#GOLD
Total Profit: 23241 point
Closed trade(s): 3346 point Profit
Open trade(s): 19895 point Profit

Trade Setup:
We opened 6 BUY trade(s) @ 1729.09 based on 'Valley' entry method at 2021.04.01.

Closed Profit:
TP1 @ 1762.55 touched at 2021.04.15 with 3346 point Profit.

Open Profit:
Profit for one trade is 1768.88(current price) - 1729.09(open price) = 3979 point
5 trade(s) still open, therefore total profit for open trade(s) is 3979 x 5 = 19895 point

#GOLD
Total Profit: -36540 point
Closed trade(s): 0 point Profit
Open trade(s): -36540 point Profit

Trade Setup:
We opened 6 BUY trade(s) @ 1829.78 based on 'Valley' entry method at 2021.02.08.

Open Profit:
Profit for one trade is 1768.88(current price) - 1829.78(open price) = -6090 point
6 trade(s) still open, therefore total profit for open trade(s) is -6090 x 6 = -36540 point

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1744.50 is broken, we will close open trades.

DateMay 1, 2021 - 12:23
Currentrange bound
Forecastresumption of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1744.50, resumption of uptrend is expected.
  • We make sure when the resistance at 1797.55 breaks.
  • If the support at 1744.50 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 1744.50 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1676.7 on 2021-03-08 and the trough at 1677.8 on 2021-03-31, the probability of downtrend continuation is decreased and the probability of resumption of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
  • A peak is formed in daily chart at 1797.55 on 04/21/2021, so more losses to support(s) 1762.55 and minimum to Major Support (1744.50) 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 53.

Take Profits:

  1. 1762.55
  2. 1828.25
  3. 1875.15
  4. 1959.30
  5. 2075.05
Click on the level to view price action history.

Symbol Released Current Forecast
Gold (XAUUSD) new Sat, 8 May 2021
Gold (XAUUSD) free Sat, 1 May 2021
Gold (XAUUSD) Sat, 24 Apr 2021
Gold (XAUUSD) Sat, 17 Apr 2021
Gold (XAUUSD) Sat, 10 Apr 2021