💡GOLD (XAUUSD) - Weekly Technical Analysis Update

4 dic 2022

Midterm forecast:
While the price is above the support 1730.00, continuation of uptrend is expected.
We make sure when the resistance at 1807.13 breaks.
If the support at 1730.00 is broken, the short-term forecast -continuation of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1730.00 is broken.

Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 1723.95 on 11/23/2022, so more gains maximum to Major Resistance (1807.13) 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 68.

Take Profits:
1658.96
1688.79
1708.45
1730.00
1765.00
1807.13
1850.71
1878.75
1914.23
1980.16
2074.89

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13 dic 2022

Operación activa

149093 pips profit...
Total Profit: 149093
Closed trade(s): 58151 Profit
Open trade(s): 90942 Profit



Update Details:

Closed Profit:
TP1 @ 1658.96 touched at 2022-11-04 with 2949 point Profit.
TP2 @ 1688.79 touched at 2022-11-08 with 5932 point Profit.
TP3 @ 1708.45 touched at 2022-11-08 with 7898 point Profit.
TP4 @ 1730.00 touched at 2022-11-10 with 10053 point Profit.
TP5 @ 1765.00 touched at 2022-11-11 with 13553 point Profit.
TP6 @ 1807.13 touched at 2022-12-05 with 17766 point Profit.

2949 + 5932 + 7898 + 10053 + 13553 + 17766 = 58151 point

Open Profit:
Profit for one BUY trade is 1781.04(current price) - 1629.47(open price) = 15157 point
6 trade(s) still open, therefore total profit for open trade(s) is 15157 x 6 = 90942 point
All SLs moved to Break-even point.

Take Profit:
TP7= @ 1850.71
TP8= @ 1878.75
TP9= @ 1914.23
TP10= @ 1980.16
TP11= @ 2074.89