GOLD (XAUUSD) - Weekly Technical Analysis Update

7 Mei 2022

Midterm forecast:

While the price is above the support 1850.00, resumption of uptrend is expected.
We make sure when the resistance at 2075.00 breaks.
If the support at 1850.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1850.00 is broken.

Technical analysis:
The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
While the RSI resistance #2 at 62 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 1998.30 on 04/18/2022, so more losses to support(s) 1875.00 and minimum to Major Support (1850.00) 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 41.

Take Profits:
1790.08
1804.23
1814.96
1831.00
1875.00
1958.29
2000.00
2075.00

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