Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast Gold technical chart

Symbol

XAUUSD

Trade Setup

#XAUUSD
Total Profit: 158174 point
Closed trade(s): 40385 point Profit
Open trade(s): 117789 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 1797.74(current price) - 1629.47(open price) = 16827 point
7 trade(s) still open, therefore total profit for open trade(s) is 16827 x 7 = 117789 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 1730.00 is broken, we will close open trades.

Date December 3, 2022 - 16:10

Current uptrend

Forecast continuation of uptrend

Midterm forecast:

While the price is above the support 1730.00, continuation of uptrend is expected.
We make sure when the resistance at 1807.13 breaks.
If the support at 1730.00 is broken, the short-term forecast -continuation of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1730.00 is broken.

Technical analysis:

While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 1723.95 on 11/23/2022, so more gains maximum to Major Resistance (1807.13) 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: