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Weekly forecast Gold technical chart
Symbol XAUUSD
Trade Setup

#XAUUSD
Total Profit: 125232 point
Closed trade(s): 40385 point Profit
Open trade(s): 84847 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.
TP5 @ 1765.00 touched at 2022-11-11 with 13553 point Profit.
2949 + 5932 + 7898 + 10053 + 13553 = 40385 point

Open Profit:
Profit for one BUY trade is 1750.68(current price) - 1629.47(open price) = 12121 point
7 trade(s) still open, therefore total profit for open trade(s) is 12121 x 7 = 84847 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.

DateNovember 19, 2022 - 12:56
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1674.85, resumption of uptrend is expected.
  • We make sure when the resistance at 1786.50 breaks.
  • If the support at 1674.85 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 1674.85 is broken.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1786.50 on 11/15/2022, so more losses to support(s) 1730.00, 1708.45, 1688.79 and minimum to Major Support (1674.85) 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 62.

Take Profits:

  1. 1658.96
  2. 1688.79
  3. 1708.45
  4. 1730.00
  5. 1765.00
  6. 1807.13
  7. 1850.71
  8. 1878.75
  9. 1914.23
  10. 1980.16
  11. 2074.89
Click on the level to view price action history.

Symbol Released Current Forecast
Gold (XAUUSD) new Sat, 26 Nov 2022
Gold (XAUUSD) free Sat, 19 Nov 2022
Gold (XAUUSD) free Sat, 12 Nov 2022
Gold (XAUUSD) free Thu, 10 Nov 2022
Gold (XAUUSD) Sat, 5 Nov 2022