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Weekly forecast Gold technical chart

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Trade Setup

Total Profit: -350 point
Closed trade(s): 0 point Profit
Open trade(s): -350 point Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1233.30 based on 'Valley' entry method at 2018.11.01.

Open Profit:
Profit for one trade is 1232.80(current price) - 1233.30(open price) = -50 point
7 trade(s) still open, therefore total profit for open trade(s) is -50 x 7 = -350 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.

DateSat, 11/03/2018 - 18:06
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1183.15 would begin in Midterm.

Technical analysis:

  • The RSI resistance #1 at 53 is broken, so the probability of beginning of uptrend is increased.
  • The RSI bounced from the uptrend #2 and it prevented price from more losses.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 59.

Take Profits:

  1. 1240.00
  2. 1262.50
  3. 1287.00
  4. 1308.85
  5. 1324.15
  6. 1366.05
Click on the level to view price action history.

Symbol Released Current Forecast
Gold (XAUUSD) Sat, 16 Mar 2019
Gold (XAUUSD) Sat, 9 Mar 2019
Gold (XAUUSD) Sat, 2 Mar 2019
Gold (XAUUSD) Sat, 23 Feb 2019
Gold (XAUUSD) Sat, 16 Feb 2019