💡GOLD (XAUUSD) - Weekly Technical Analysis Update

5 Sep 2021

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 1779.95 on 08/26/2021, so more gains to resistance(s) 1828.25, 1848.50, 1875.15, and maximum to Major Resistance (1916.50) is expected.
Price is above WEMA21; if the price drops more, this line can act as dynamic support against more losses.
The relative strength index (RSI) is 62.

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