XAUUSD GOLD Price Forecast | Power of Technical Analysis

Hello doston, Last weekend we discussed the potential volatility in the GOLD (XAUUSD) Price, that too purely based on technical analysis.

Image by rawpixel.com on Freepik

And if you would have made some investments after understanding that analysis, I am sure you would have made good profits, because gold price hit all the targets we discussed.
Here you can check our discussion of last weekend. https://ecency.com/hive-167922/@untilwelearn/gold-price-forecast-or-power?referral=untilwelearn

Let us now take another dive into the gold chart and see where it could be headed in the coming week.

Image by tradingview.com

In the above image you can see the daily chart of XAU/USD (GOLD) In which it has taken a reversal from almost the same range (1985-1990) where there was a significant resistance.
However, technically it would still be considered in an uptrend, as it is still above its previous swing low, which is at somewhere around 1950.
Which you can see highlighted in the image below.

Image by tradingview.com

The above chart is of 4 hour time frame.
The highlighted area you see here is an important support for this current uptrend. Now if the down move of the last 2 days continues and if it breaks our important support, then there may be a psychological change in it, which can then take it down to 1945.20, 1940.80, 1935.00, 1930.55.

Conversely, if it sustains above 1950.00, then the resistance on the upside could be 1966.70, 1969.70, 1973.50, 1977.55, 1983.30 and at last 1987.37.
Probably it move slowly till the level of 1987.37.
But if it can sustain above this level, buyers will become more active in it, which can then take it up to 1993.00 as well.

The above analysis is purely based on technicals and no fundamentals.

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