XAUUSD Weekly Forex Forecast 7th October to 13th October
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1214.25 would begin in Midterm.
We will close our open trades, if the Midterm level 1214.25 is broken.
Technical analysis:
The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
While the RSI resistance #1 at 53 is not broken, the probability of price increase would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 53.
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1214.25 would begin in Midterm.
We will close our open trades, if the Midterm level 1214.25 is broken.
Technical analysis:
The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
While the RSI resistance #1 at 53 is not broken, the probability of price increase would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 53.
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