💡GOLD (XAUUSD) - Weekly Technical Analysis Update
Midterm forecast:
1804.23 is major support; while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI resistance #1 at 62 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, a bullish wave in price would continue.
A peak is formed in the daily chart at 1877.05 on 11/16/2021, so more losses to support(s) 1834.65, 1814.96, and minimum to Major Support (1804.23) is expected.
Price is above WEMA21; if a price drops more, this line can act as dynamic support against more losses.
The relative strength index (RSI) is 59.
Take Profits:
1790.08
1804.23
1814.96
1834.65
1874.88
1959.30
2000.00
2075.05
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1804.23 is major support; while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI resistance #1 at 62 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, a bullish wave in price would continue.
A peak is formed in the daily chart at 1877.05 on 11/16/2021, so more losses to support(s) 1834.65, 1814.96, and minimum to Major Support (1804.23) is expected.
Price is above WEMA21; if a price drops more, this line can act as dynamic support against more losses.
The relative strength index (RSI) is 59.
Take Profits:
1790.08
1804.23
1814.96
1834.65
1874.88
1959.30
2000.00
2075.05
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment. Let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
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