XAU/USD (Gold): Technical Outlook and Review
Trend Leans in Favour of Buyers
Following recent weeks reaching an all-time high (ATH) of $2,148 and the subsequent correction, buyers and sellers are seen squaring off a whisker north of support at $1,969 on the weekly timeframe. Although negative divergence has formed from the Relative Strength Index (RSI) and neighbouring resistance calls for action at $2,075, the current uptrend still favours further outperformance.
This could mean that we eventually see the precious metal test and rebound from $1,969 support and clear offers around $2,075 resistance to challenge the ATH.
Daily Support at $1,989-$2,000 Eyed
Price movement from the daily timeframe finished the week recoiling from a trendline support-turned-resistance level taken from the low of $1,1810, a move that snapped a two-day bullish phase from support made up of a horizontal base at $1,989 and the widely watched $2,000 level. It is this area that may welcome buyers again this week.
However, fail to plan, plan to fail; if the daily support fails to deliver a floor and price seeks lower levels, daily support at $1,965 offers a clear-cut downside objective, which combines closely with weekly support from $1,969.
Following recent weeks reaching an all-time high (ATH) of $2,148 and the subsequent correction, buyers and sellers are seen squaring off a whisker north of support at $1,969 on the weekly timeframe. Although negative divergence has formed from the Relative Strength Index (RSI) and neighbouring resistance calls for action at $2,075, the current uptrend still favours further outperformance.
This could mean that we eventually see the precious metal test and rebound from $1,969 support and clear offers around $2,075 resistance to challenge the ATH.
Daily Support at $1,989-$2,000 Eyed
Price movement from the daily timeframe finished the week recoiling from a trendline support-turned-resistance level taken from the low of $1,1810, a move that snapped a two-day bullish phase from support made up of a horizontal base at $1,989 and the widely watched $2,000 level. It is this area that may welcome buyers again this week.
However, fail to plan, plan to fail; if the daily support fails to deliver a floor and price seeks lower levels, daily support at $1,965 offers a clear-cut downside objective, which combines closely with weekly support from $1,969.
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