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Weekly forecast Gold technical chart

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Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1240.70 is broken, we will close open trades.
  • Price may also reach 1240.70, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to Trend Hunter Strategy, and depends on personal strategies.

DateTue, 08/07/2018 - 08:11
Forecastcontinuation of downtrend
Last weekBearish

Midterm forecast:

  • 1240.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 1240.70 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1237.9 on 2018-07-03 and the trough at 1211.45 on 2018-07-19, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
  • The RSI bounced from the support #1 at 21 and it prevented price from more losses.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 34.

Take Profits:

  1. 1324.15
  2. 1308.85
  3. 1294.60
  4. 1262.50
  5. 1240.70
  6. 1204.80
  7. 1131.60
  8. 1046.15
Click on the level to view price action history.

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