Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast Gold technical chart

Symbol

XAUUSD

Trade Setup

#XAUUSD
Total Profit: 223295 point
Closed trade(s): 133679 point Profit
Open trade(s): 89616 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.
2949 + 5932 + 7898 + 10053 + 13553 + 17766 + 22124 + 24928 + 28476 = 133679 point

Open Profit:
Profit for one BUY trade is 1928.19(current price) - 1629.47(open price) = 29872 point
3 trade(s) still open, therefore total profit for open trade(s) is 29872 x 3 = 89616 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 1848.54 is broken, we will close open trades.

Date January 28, 2023 - 12:21

Current uptrend

Forecast continuation of uptrend

Midterm forecast:

While the price is above the support 1848.54, continuation of uptrend is expected.
We make sure when the resistance at 2000.00 breaks.
If the support at 1848.54 is broken, the short-term forecast -continuation of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1848.54 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 1784.70 on 12/22/2022, so more gains to resistance(s) 1961.36, 1980.16 and maximum to Major Resistance (2000.00) 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 66.

Take Profits: