Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast Gold technical chart

Symbol

XAUUSD

Trade Setup

#XAUUSD
Total Profit: 124112 point
Closed trade(s): 26832 point Profit
Open trade(s): 97280 point Profit

Trade Setup:
We opened 12 BUY trades @ 1629.47 based on 'Hammer' entry method at 2022-11-03.

Closed Profit:
TP1 @ 1658.96 touched at 2022-11-04 with 2949 point Profit.
TP2 @ 1688.79 touched at 2022-11-08 with 5932 point Profit.
TP3 @ 1708.45 touched at 2022-11-08 with 7898 point Profit.
TP4 @ 1730.00 touched at 2022-11-10 with 10053 point Profit.
2949 + 5932 + 7898 + 10053 = 26832 point

Open Profit:
Profit for one BUY trade is 1751.07(current price) - 1629.47(open price) = 12160 point
8 trade(s) still open, therefore total profit for open trade(s) is 12160 x 8 = 97280 point

#XAUUSD
Total Profit: 125505 point
Closed trade(s): 40385 point Profit
Open trade(s): 85120 point Profit

Trade Setup:
We opened 12 BUY trades @ 1629.47 based on 'Hammer' entry method at 2022-11-03.

Open Profit:
Profit for one BUY trade is 1751.07(current price) - 1629.47(open price) = 12160 point
7 trade(s) still open, therefore total profit for open trade(s) is 12160 x 7 = 85120 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 1674.85 is broken, we will close open trades.

Date November 10, 2022 - 19:16

Current uptrend

Forecast continuation of uptrend

Midterm forecast:

1674.85 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 1674.85 is broken.

Technical analysis:

There is a divergence in RSI and price between the trough at 1680.82 on 2022-07-21 and the trough at 1614.79 on 2022-09-28, the probability of downtrend continuation is decreased and the probability of continuation of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 1616.52 on 11/03/2022, so more gains to resistance(s) 1765.00, 1807.13, 1850.71 and more heights 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 68.

Take Profits: