Gold technical price outlook: XAU / USD weekly commodity levels
Purposed prices for the third consecutive week with XAU /USD more than 1.5% after the rise of fresh peaks of several months. Gold has now risen more than 12.6% from the lower level in March / year, and although the broader focus is still weighed at the top, the rally could mature here as we move towards the end of the month. Tthese are updated targets and cancellation levels gold week leaderboards. Overview my last Weekly Strategy webinar for its thorough distribution gold technical setup and more.
Gold price chart – XAU / USD per week
Notes: Last week Golden week PriceOutlook we noted that the XAU / USD was a conspicuous distance from the setback in the high week of 2021 and ended in 1849 the violation of the upper part necessary to mark the continuation of a scenario that would reveal the following targets for the annual 1898 and the main obstacle to the highest closure in 2011 / 61.8% Fibonacci withdrawal at 1909/23. “The rally lasted in the weekly gold race, which was the highest in 1890, before being withdrawn on Friday. Although trade remains constructive, immediate progress may be vulnerable in the coming days.
The key is the upper part rexistence remains unchanged 1909/23– Look for a bigger reaction there IF achieved breach / proximity necessary to maintain the viability of a long bias towards the annual target 1959. Initial week support rests at 1849 supported by a 52-week moving average ~1840 and the highest in 2012 1795– both areas of interest in the event of possible negative exhaustion, once this has been achieved. Wider bullish cancellation now raises d to a monthly open / low value 1764.
Bottom line: The gold rally has covered 75% of the annual range in just seven weeks, and although the broader focus is still greater, the near-term momentum for this progress may slow. From a trade perspective, trade is still constructive if it goes beyond 1840. Try to reduce long-term exposure / increase protection stops 1909/23. Losses should be limited to 25% in parallel IF the price rises because XAU / USD needs to exceed / exceed the resistance to heat the next stage. 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’s Sentiment – XAU / USD Price Chart
- Summary IG customer mood indicates that traders are net long Gold – the ratio is +3.07 (75.43% of traders are long) – usually bearreading
- There are long positions2.63% higher than yesterday and 0.60% lower than last week
- Short positions are0.90% higher than yesterday and 20.15% higher than last week
- We usually see the contradictory situation of the crowd, and the fact that traders are net tall 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. feeling position.
Previous weekly technical tables
– Written Michael Boutros, DailyFX currency strategist
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