Gold technical price outlook: XAU / USD weekly commodity levels
Purposed prices for the third consecutive week with XAU /USD completed more than 0.8% on Friday. Gold has now risen by almost 3.9% from its lowest price in June, and although the rebound in upward support will keep the medium-term outlook constructive, we are looking for greater depletion in the coming weeks.Need targets and cancellation levels have been updated XAU /USD weekly technical schedule. Overview my last Weekly Strategy webinar for its thorough distribution gold technical setup and more.
Gold price chart – XAU / USD per week
Notes: Last month’s Golden week PriceOutlook we noted that the XAU / USD had plunged into the key increase in support targets by the end of June – we will look for low depletion until July.“This week is over low, with gold rallying more than 3.8% per month. Is there a low point in the uptrend then?
The bulls are not out of the woods yet – as highlighted this week Gold price outlook, the daily wave pattern indicates that this rebound may be corrective. If so, the retreat here may still provide an opportunity for a bigger setback. The key to the week support rest with a sliding parallel extending from the annual low / March altitude 1755 weekly rexistence At the high weekend of 2021, 61.8% Fibonacci June decline and a 52-week moving average 1849/53– Look for upper exhaustion before this threshold if the price is still lower.
Break / close below tork likely to favor accelerated sales in a sales scenario that would reveal an annual low weekly closing 1729 and critical support for the merger of the 38.2% return on progress at the end of 2015 and the 61.8% extension in 2020 1670/82– the area of interest in case of possible negative depletion, if reached.
Bottom line: Support for Gold’s upward trend, which has risen for three weeks, has already covered 38.2% of the June decline, and although the recent stretch may ease in the coming days, we are looking to the height of possible exhaustion at the end of the month. From a trade perspective, recovery should be limited 1853IF this recent demonstration is indeed corrective – look for a reaction to get close to below 1755 to celebrate the recovery of the June decline. Check out my latest review Gold Price outlook to take a closer look at the level of XAU / USD technical trade in the near future.
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Gold Trader Opinion – XAU / USD Price Chart
- Summary IG customer mood indicates that traders are net long Gold – the ratio is +6.02 (85.75% of traders are long) – usually bearreading
- There are long positions2.05% higher than yesterday and 0.94% lower than last week
- Short positions are14.15% lower than yesterday and 9.98% lower than last week
- We usually view the contradictory situation of the crowd, and the fact that traders are net long indicates a continuing fall in the price of gold. Traders are net longer than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger feeling position.
Previous weekly technical tables
– Written Michael Boutros, DailyFX currency strategist
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