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Weekly forecast Gold technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1736.44 to 1700.45). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1736.44)
  • Ending of entry zone (1700.45)

DateOctober 16, 2021 - 12:05
Currentrange bound
Forecastresumption of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1724.66, resumption of uptrend is expected.
  • We make sure when the resistance at 1814.09 breaks.
  • If the support at 1724.66 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 59 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 1800.45 on 10/14/2021, so more losses to support(s) 1762.55, 1744.50, 1736.44 and minimum to Major Support (1724.66) 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 49.

Take Profits:

  1. 1789.55
  2. 1814.09
  3. 1833.65
  4. 1874.88
  5. 1959.30
  6. 2000.00
  7. 2075.05
Click on the level to view price action history.

Symbol Released Current Forecast
Gold (XAUUSD) new Sat, 4 Dec 2021
Gold (XAUUSD) Sat, 27 Nov 2021
Gold (XAUUSD) free Sat, 20 Nov 2021
Gold (XAUUSD) free Sat, 13 Nov 2021
Gold (XAUUSD) free Sun, 7 Nov 2021