💡GOLD (XAUUSD) - Weekly Technical Analysis Update

5 בפבר׳ 2022

Midterm forecast:

While the price is above the support 1762.98, resumption of uptrend is expected.
We make sure when the resistance at 1874.88 breaks.
If the support at 1762.98 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1762.98 is broken.

Technical analysis:
The RSI support #1 at 47 is broken, so the probability of resumption of uptrend is decreased.
A peak is formed in daily chart at 1853.75 on 01/25/2022, so more losses to support(s) 1804.23, 1790.08 and minimum to Major Support (1762.98) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 48.

Take Profits:
1790.08
1804.23
1814.96
1834.65
1874.88
1959.30
2000.00
2075.05

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