XAUUSD Gold Forecast And Technical Overview
Growing risk appetite is adding weight on Gold prices. S&P is testing higher high and Gold is trading below 1289.
Technically, XAUUSD is under strong selling pressure in all Chart timeframes.
This week, the US major macroeconomic reports will be released. Only a weaker USD can help Gold’s recovery.
We have added short positions on Friday. New visitors can view the setup:
On the downside, the first support resides in 1285. Breakout of 1285 support could carry the price 1281. 1277 and 1273 will be the next targets of Gold if it breaks 1.281 support. We have a bullish three drives pattern at 1269 which can be used for a long opportunity. I will publish the details of the pattern accoırding the price action.
Upside: Gold must break above 1289 and 1292 to start recovery. However, 1296 is the key resistance level and bearish pressure will continue as long as the price holds below 1296.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
XAUUSD Gold: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility