💡 GOLD (XAUUSD) - Weekly Technical Analysis Update

8 oct 2022

Midterm forecast:

While the price is above the support 1615.11, beginning of uptrend is expected.
We make sure when the resistance at 1807.13 breaks.
If the support at 1615.11 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
There is a divergence in RSI and price between the trough at 1680.82 on 2022-07-21 and the trough at 1614.79 on 2022-09-28, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
A peak is formed in daily chart at 1730.00 on 10/04/2022, so more losses to support(s) 1681.71, 1653.53, 1637.49 and minimum to Major Support (1615.11) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 50.

Take Profits:
1681.71
1707.88
1727.70
1765.00
1807.13
1832.23
1878.75
1926.82
1959.30
2000.00
2074.89

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