GOLD BEARISH SCENARIO!

Gold has finally reached 1800 and this is a significant level right now. We're expecting to see what is the next move.
The main idea is to see what is price reaction in the resistance zone . Those are the levels slightly above 1800!
If we see a rejection of this level and price leaving a wicks inside of the zone, than that would be an entry signal.

A more secure way to get involved is to wait for price to break below previous lows.
If market breaks below 1773, than that would confirm a potential move down to 1700.
All selling ideas will be gone if price breaks above 1830!

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💡GOLD (XAUUSD) - Weekly Technical Analysis Update

Gold/U.S. Dollar FX:XAUUSD

ForecastCity_World

Midterm forecast:

While the price is above the support of 1676.70, a resumption of an uptrend is expected.
We make sure when the resistance at 1916.50 breaks.
If the support at 1676.70 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

A trough is formed in the daily chart at 1684.50 on 08/09/2021, so more gains to resistance(s) 1789.55, 1828.25, 1848.50, and maximum to Major Resistance (1916.50) is expected.
Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 47.

Take Profits:
TP1= @ 1762.55
TP2= @ 1789.55
TP3= @ 1828.25
TP4= @ 1875.15
TP5= @ 1916.50
TP6= @ 2075. 05

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ForecastCity English Support Team ❤️

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source https://www.smartmoneymanagement.info/2021/08/gold-xauusd-weekly-technical-analysis.html

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Tuesday, August 24, 2021