GOLD(XAUUSD) -Weekly forecast,Technical Analysis & Trading Ideas

💡 GOLD (XAUUSD)
💡 Daily Timeframe:

• As forecasted last week, gold started its decline when it hit the red channel line.
  
• This decline will continue, but the support area of ​​2789.95 to 2772.38 could trigger a rebound.
  
• So, given the long-term uptrend, we can use this area as a long-term BUY ZONE.
  

💡 H4 Timeframe:

• The uptrend is broken, and price is in an impulse wave.
  
• The bearish wave is expected to continue as long as the price is below the strong resistance at 2893.51
  

💡 H1 Timeframe:

• 2879.11 support is broken now. It will act as a Resistance now!
  

Forecast:

1. Correction wave toward the Sell Zone
   
2. Another Downward Impulse wave toward Lower TPs
   

SL: Above 2893.51
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ForecastCity Support Team