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Weekly forecast Gold technical chart
Symbol XAUUSD
Trade Setup

#XAUUSD
Total Profit: 244987 point
Closed trade(s): 213290 point Profit
Open trade(s): 31697 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.
TP6 @ 1807.13 touched at 2022-12-05 with 17766 point Profit.
TP7 @ 1850.71 touched at 2023-01-04 with 22124 point Profit.
TP8 @ 1878.75 touched at 2023-01-09 with 24928 point Profit.
TP9 @ 1914.23 touched at 2023-01-13 with 28476 point Profit.
TP10 @ 1980.16 touched at 2023-03-17 with 35069 point Profit.
TP11 @ 2074.89 touched at 2023-05-04 with 44542 point Profit.
2949 + 5932 + 7898 + 10053 + 13553 + 17766 + 22124 + 24928 + 28476 + 35069 + 44542 = 213290 point

Open Profit:
Profit for one BUY trade is 1946.44(current price) - 1629.47(open price) = 31697 point
1 trade(s) still open, therefore total profit for open trade(s) is 31697 x 1 = 31697 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 1876.55 is broken, we will close open trades.
DateMay 27, 2023 - 06:17
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1876.55, resumption of uptrend is expected.
  • We make sure when the resistance at 2067.21 breaks.
  • If the support at 1876.55 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 1876.55 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 2009.69 on 2023-03-20 and the peak at 2080.08 on 2023-05-04, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • The RSI support #1 at 51 is broken, so the probability of resumption of uptrend is decreased.
  • A peak is formed in daily chart at 2048.10 on 05/10/2023, so more losses to support(s) 1935.03, 1914.23 and minimum to Major Support (1876.55) 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 39.

Take Profits:

  1. 1658.96
  2. 1688.79
  3. 1710.22
  4. 1730.00
  5. 1765.00
  6. 1810.69
  7. 1849.51
  8. 1876.55
  9. 1914.23
  10. 1981.21
  11. 2067.21
Click on the level to view price action history.
Symbol Released Current Forecast
Gold (XAUUSD) Sat, 16 Sep 2023
Gold (XAUUSD) Sat, 9 Sep 2023
Gold (XAUUSD) Sat, 2 Sep 2023
Gold (XAUUSD) free Sat, 26 Aug 2023
Gold (XAUUSD) Sat, 19 Aug 2023
History
Daily-Trading-Opportunities on XAUUSD.