💡GOLD (XAUUSD) - Weekly Technical Analysis Update

Aug 13, 2022

Midterm forecast:
While the price is above the support 1680.80, beginning of uptrend is expected.
We make sure when the resistance at 1807.13 breaks.
If the support at 1680.80 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
A trough is formed in daily chart at 1680.80 on 07/21/2022, so more gains maximum to Major Resistance (1807.13) 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 61.

Take Profits:
1752.71
1785.00
1807.13
1832.23
1878.75
1926.82
1959.30
2000.00
2074.89

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