Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast Gold technical chart

Symbol

XAUUSD

Trade Setup
#XAUUSD Total Profit: 0 point Closed trade(s): 0 point Profit Open trade(s): 0 point Profit Trade Setup: We opened 12 BUY trades @ 1659.84 based on 'Valley' entry method at 2022-09-28. Open Profit: Profit for one BUY trade is 1659.84(current price) - 1659.84(open price) = 0 point 12 trade(s) still open, therefore total profit for open trade(s) is 0 x 12 = 0 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.

Date September 28, 2022 - 21:03

Current range bound

Forecast beginning of uptrend

Midterm forecast:

While the price is above the support 1615.11, beginning of uptrend is expected.
We make sure when the resistance at 1727.70 breaks.
If the support at 1615.11 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 1614.80 on 09/28/2022, so more gains to resistance(s) 1681.71, 1707.88 and maximum to Major Resistance (1727.70) 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 41.

Take Profits: