Gold prices are on the counter-offensive mid-week with the valuable metallic poised to mark a 3rd consecutive day by day advance.
Gold prices are on the counter-offensive mid-week with the valuable metallic poised to mark a 3rd consecutive day by day advance. The current positive factors take value into near-term resistance nevertheless and depart the fast rally weak heading into this key threshold. These are the up to date targets and invalidation ranges that matter on the XAU/USD charts this week. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold price setup and extra.
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Gold Worth Chart – XAU/USD Every day
Chart Ready by Michael Boutros, Technical Strategist; Gold on Tradingview
Technical Outlook: In my newest Gold Price Outlook we famous, “the chance for a deeper pullback whereas under 1522/26. Type a buying and selling standpoint, be looking out for a breakout of the month-to-month consolidation / topside exhaustion forward of the month-to-month high-day shut at 1505on rebounds IF value is certainly heading decrease.” Worth registered a low this week at 1480 earlier than rebounding off slope help with the following rally testing this resistance zone at the moment – be aware that the September trendline now converges on this area as effectively and additional highlights its technical significance- on the lookout for a response right here.
A topside breach / shut above is required to shift the medium-term focus larger…