💡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 1790.00 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 trough is formed in daily chart at 1677.80 on 03/31/2021, so more gains maximum to Major Resistance (1790.00) 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 60.
Take Profits:
1762.55
1828.25
1875.15
1959.30
2075. 05
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While the price is above the support 1744.50, resumption of uptrend is expected.
We make sure when the resistance at 1790.00 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 trough is formed in daily chart at 1677.80 on 03/31/2021, so more gains maximum to Major Resistance (1790.00) 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 60.
Take Profits:
1762.55
1828.25
1875.15
1959.30
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 / Crypto 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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