XAUUSD
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“The risk for a near-term pullback / correction mounts if we settle below 1526. Price has continued to respect this threshold as resistance with gold poised to post an outside-day reversal ahead of the close on Friday.
While the broader outlook remains weighted to the topside, the immediate advance remains vulnerable while below this threshold with daily support eyed at 1482- weakness beyond this threshold would suggest a larger correction is underway targeting former channel resistance (currently ~1460s) with broader bullish invalidation now raised to 1451”
--- Written by Michael Boutros, Technical Currency Strategist with DailyFX
“The risk for a near-term pullback / correction mounts if we settle below 1526. Price has continued to respect this threshold as resistance with gold poised to post an outside-day reversal ahead of the close on Friday.
While the broader outlook remains weighted to the topside, the immediate advance remains vulnerable while below this threshold with daily support eyed at 1482- weakness beyond this threshold would suggest a larger correction is underway targeting former channel resistance (currently ~1460s) with broader bullish invalidation now raised to 1451”
--- Written by Michael Boutros, Technical Currency Strategist with DailyFX
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