From at trading standpoint, the outlook remains weighted to the downside while within the yearly channel- rallies should be limited to 1708 IF price is heading lower on this stretch with a break threatening another accelerated drop towards 1560 and beyond. Initial weekly resistance now back at 1682 with medium-term bearish invalidation lowered to the 1.618% Fibonacci extension of the yearly decline / July close-low at 1706/08.īottom line: The gold breakdown threatens significant losses heading into the fourth-quarter. That said, we’ll remain vigilant heading into the close of the quarter and respect the levels. It’s worth noting that a measured move of the proposed double-top formation break does highlight the threat for much deeper setback in gold ( 1287). A break below this level would be extremely damaging from a technical standpoint with such a scenario exposing the 2020 March reversal close at 1631 and the 50% retracement at 1560.” Gold plunged through support just two-weeks later with the decline registering a low this week at 1621 before recovering back above 1631- the focus remains on possible inflection off this zone heading into the close of the month / quarter.Ī break / weekly close below this threshold is needed to keep the immediate short-bias viable towards 1560 and the 2020 low-week close at 1498. Notes: In my last Gold Weekly Price Outlook we noted XAU/USD was trading just above critical support at, “ 1671/82- a region defined by the May / June 2020 lows, the 2021 lows and the 38.2% retracement of the 2015 advance. Gold Price Chart - XAU/USD WeeklyĬhart Prepared by Michael Boutros, Technical Strategist Gold on Tradingview Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more. ![]() These are the updated targets and invalidation levels that matter on the XAU/ USD weekly chart. That said, a third weekly decline is now probing initial support objectives with key US inflation data on tap into the weekly / monthly / quarterly close. Prices have plunged more than 21% off the yearly highs with a break of key support now threatening a much larger correction in the yellow metal. Golden Square rainfall history (36.7797°S, 144.Gold prices are off nearly 0.7% since the start of the week with XAU/ USD breaking to fresh yearly lows. Daytime maximum temperatures around 15.įorecast for Golden Square (36.7797°S, 144.2503☎, 232m AMSL) Winds W/NW 15 to 20 km/h turning SW 15 to 25 km/h during the morning then becoming W/SW and light in the evening. High chance of rain in the E, medium chance elsewhere. styles/icons/elders/small/possible_shower.pngĪm#SAT#SATURDAY#Possible shower#Aug 12, 7amĪm#SAT#SATURDAY#Possible shower#Aug 12, 8amĪm#SAT#SATURDAY#Possible shower#Aug 12, 9amĪm#SAT#SATURDAY#Possible shower#Aug 12, 10am Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 11pmĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 12amĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 1amĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 2amĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 3amĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 4amĪm#SAT#SATURDAY#Mostly cloudy#Aug 12, 5amĪm#SAT#SATURDAY#Possible shower#Aug 12, 6am Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 10pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 9pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 8pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 7pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 6pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 5pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 4pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 3pm Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 2pm styles/icons/elders/small/mostly_cloudy.png ![]() ![]() Pm#THU#THURSDAY#Mostly cloudy#Aug 10, 1pm Pm#THU#THURSDAY#Mostly clear#Aug 10, 12pm ![]() Am#THU#THURSDAY#Mostly clear#Aug 10, 11am
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