💡GOLD (XAUUSD) - Weekly Technical Analysis Update

Midterm forecast:


While the price is above the support 1744.50, resumption of uptrend is expected.
We make sure when the resistance at 1797.55 breaks.
If the support at 1744.50 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1744.50 is broken.

Technical analysis:


There is a divergence in RSI and price between the trough at 1676.7 on 2021-03-08 and the trough at 1677.8 on 2021-03-31, the probability of downtrend continuation is decreased and the probability of resumption of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
A peak is formed in daily chart at 1797.55 on 04/21/2021, so more losses to support(s) 1762.55 and minimum to Major Support (1744.50) 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 53.

Take Profits:


1762.55
1828.25
1875.15
1959.30
2075. 05


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