ForecastCity_EU

There is a possibility for the resumption of an uptrend in Gold

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Midterm forecast:
While the price is above the support 1660.25, resumption of uptrend is expected.
We make sure when the resistance at 1747.50 breaks.
If the support at 1660.25 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1660.25 is broken.

Technical analysis:
A trough is formed in daily chart at 1658.95 on 04/21/2020, so more gains maximum to Major Resistance (1747.50) 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 64.

Trade Setup:
Total Profit: 84221 pip
Closed trade(s): 40967 pip Profit
Open trade(s): 43254 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 1296.14 based on 'Valley' entry method at 2019.05.15.

Closed Profit:
TP1 @ 1303.25 touched at 2019.05.31 with 711 pip Profit.
TP2 @ 1310.55 touched at 2019.06.03 with 1441 pip Profit.
TP3 @ 1323.70 touched at 2019.06.03 with 2756 pip Profit.
TP4 @ 1346.60 touched at 2019.06.07 with 5046 pip Profit.
TP5 @ 1375.05 touched at 2019.06.20 with 7891 pip Profit.
TP6 @ 1390.00 touched at 2019.06.20 with 9386 pip Profit.
TP7 @ 1433.50 touched at 2019.06.25 with 13736 pip Profit.
711 + 1441 + 2756 + 5046 + 7891 + 9386 + 13736 = 40967 pip

Open Profit:
Profit for one trade is 1728.68(current price) - 1296.14(open price) = 43254 pip
1 trade(s) still open, therefore total profit for open trade(s) is 43254 x 1 = 43254 pip

Trading suggestion:
If the Midterm level 1660.25 is broken, we will close open trades.
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Comments

Thank You for sharing!
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AWESOME ANALYSIS
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Thank you for your perfect Support / Resistance and Technical Analysis!
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