Technical price outlook for gold: XAU / USD short-term trade levels
Purposed prices XAU / more than 0.56% since the beginning of the weekUSD Extending July’s strong results beyond technical support. Although the near-term outlook remains constructive, immediate progress in the coming days may be vulnerable as the price expands towards the main upside targets. Need targets and cancellation levels have been updated XAU /USD technical tables. Overview my last Strategy webinar for a thorough breakdown of this gold technical configuration and more.
Gold price chart – XAU / USD Daily
Technical outlook: Last week Gold Price outlook we noted that “the decline in June peaks appears to be a five-wave pattern and suggests that a corrective attitude to this gold recovery may be appropriate … look for negative depletion before 1776 IF the correction interpretation is correct if the refraction of the heights directs the focus towards the upper parallels. “XAU / USD recorded the lowest level at the beginning of the week in 1791 before turning higher, exceeding the parallel / weekly number opening area heats the rally lower than 2.3% per week.
The scope of the rally was preliminary rexistence today at 61.8% Fibonacci extension of the advance payment at the end of June / withdrawal of 50% at the end of June 1833– here the danger of a short turn. Trade continues to be constructive, exceeding the monthly trend line and critical resistance 1853/59– an area defined by 61.8% retracement and 100% extension and converging mainly trend line resistance ranging from the annual increase (the area of interest of the upper depletion of the lower part of interest) IF reached).
Gold price chart – XAU / USD 120min
Notes: A closer look Gold the price indicates that the XAU / USD will continue to trade on an upward trend tork formation, which was identified last week with the upper parallel, further emphasizing short-term resistance 1833. Initial ssupport now faced 1818 supported by a weekly opening at 1808 and the highest in 2012 1795– we reserve this threshold as our short-term rising invalidity level, which is lower, with the risk of continuing 61.8% in arrears 1782. Critical support stable 50% retrospectively / monthly open clock 1764/71.
Bottom line: The widening of the near-term gold breakthrough is now resisting the initial technical barriers to the upward trend. A good zone for reducing long-term exposure / increasing protection breaks should be limited to the weekly open IF price, which is indeed rising higher, the breach / closure exceeding 1883, which is necessary to maintain the viability of the immediate long bias. Ultimately IF if the price fails, a large withdrawal could offer more favorable entries closer to the uptrend, as wider trade remains constructive but exceeds monthly openness. Check out my latest review Golden Week price outlook to take a closer look at the level of longer-term XAU / USD technical trading.
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Gold Trader’s Sentiment – XAU / USD Price Chart
- Summary IG customer mood indicates that traders are net long Gold – the ratio is +4.70 (82.47% of traders are long) – usually bearreading
- There are long positions2.99% higher than yesterday and 0.78% lower than last week
- Short positions are8.91% lower than yesterday and 6.82% higher 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 online longer than yesterday, but less online than last week. The combination of current positioning and recent changes gives us another mixed gold trade bias from a feeling position.
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– Written Michael Boutros, DailyFX Technical Strategist
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