Gold Price Forecast: Double Bottom Breakout Faces First Test - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have turned lower after running into the early-February swing low, setting up a potential pullback to a key threshold in the recent bullish double bottom breakout attempt.
Failure below the trifecta of key technical levels would suggest a false bullish breakout has developed, setting up a potential return to the yearly lows.
According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term.
Gold Prices Stumble to Start Week
Gold prices entered the week near their monthly highs, but price action through Monday thus far has been less kind to bullion. Following last week’s bullish breakout attempt in establishing a short-term double bottom, gold prices have turned lower in spite of what has been an otherwise soft day of trading for the US Dollar.
Gold Price Forecast: Short-term Double Bottom Emerges - Levels for XAU/USD
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Gold Price Outlook:
Following their rebound from critical trend support at the end of March, gold prices have now broken through multi-week consolidation resistance, suggesting that a double bottom may be in place.
Although the downtrend since the August 2020 high remains in place, the rebound gives long-term bulls hope that by holding the pandemic uptrend, gold prices are defining their nine-month downturn as a bull flag.
According to the IG Client Sentiment Index, gold prices have a bullish bias in the near-term.
Gold Prices Benefiting from Weak US Dollar, Softer US Yields
Gold Price Forecast: Gold Drifts Towards Range Extremesâ XAU/USD Levels
2021-04-13 16:45:00
Michael Boutros,
Strategist
Gold Technical Price Outlook: XAU/USD Weekly Trade Levels
Gold priceupdated technical trade levels - Weekly Chart
XAU/USD recovery remains vulnerable sub-1767, Support 1707
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Gold prices are virtually unchanged since the start of the week with the XAU/USD recovery losing steam just ahead of the range highs. The focus is on a key resistance just higher with the recent rebound vulnerable while below August 2020 trendline. These are the updated targets and invalidation levels that matter on the gold weekly charts into the close of the month. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more.
Gold Price Outlook: Gold Surges into April- XAU/USD Risks Breakout 2021-04-06 19:00:00 Michael Boutros, Strategist
Gold Technical Price Outlook: XAU/USD Near-term Trade Levels
Gold price updated technical trade levels – Daily & Intraday Charts
XAU/USD threatens breakout into the April open- Bearish invalidation 1785, key support 1707 Advertisement
Gold prices have surged nearly 4% off the March lows with XAU/USD threatening a major breakout in early April trade. While the immediate focus is on this recovery, the advance may be vulnerable into uptrend resistance just higher and we’re on the lookout for possible exhaustion on this stretch. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts heading into the April opening-range. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.
The recent resurgence in Covid-19 cases and sporadic lockdowns across the globe might do little to add the lost sheen in gold prices due to the aggressive vaccination programme and the bleak possibility of a prolonged lockdown in emerging market countries like India, said analysts. However, on a long-term basis, they are quite bullish on the prospects of the yellow metal and believe a 20 per cent correction in the prices from here makes it a good buying opportunity.
Gold prices have skidded 24 per cent, from an all-time high of Rs 56,018 per 10 gram scaled in the spot market on the MCX as on August 7, 2020 to below Rs 46,000 level now.