GOLD PRICE FORECAST: XAU/USD PLUNGES, ARE BULLS GETTING READY?

GOLD FUNDAMENTAL PRICE FORECAST: XAU/USD WEEKLY TRADING LEVELS

  • Prices of gold current trade levels chart
  • XAU/USD breakout clear multi-month consolidation of prices, the risk for deep correction sub-1932
  • Just got into gold trading, read on to learn more on what you must do
Free $100 Forex No-Deposit Bonus

The prices of gold plunged close to 11% off the yearly highs/record with the XAU/USD breaking out of the multi-month consolidation patterns. This threat remains for the deep correction short term before the resumption of the broad upside in prices. These are the most recent invalidation levels and targets that are important on the precious metals weekly charts.

GOLD PRICES DAILY CHART

prices of gold forecast

In august Gold Weekly Price Outlook, we were evident that in consolidation just over the confluence support and we are closely looking at the breakout for any guidance. From a trading perspective, there is still a risk for deep correction while less than 1994. The gold resolved lower the previous week with the break of a contraction territory giving way for a further decline of over 4.6%.

The initial weekly key support eyed at 1836 Fibonacci, 38.2% retracement for this year’s range supported by 2012 high.

Over time, the broader forecast is still constructive whereas over the underscored confluence territory around 1763. The resistance currently stands in 1909, which was 2011 high, with the bearish invalidation currently lowered to last month’s weekly reversal as AUD/USD At Key Support, Trump Popularity On The Rise Despite Virus Spike.

The prices of gold have broken lower and whereas the broad technical structure is still constructive, the risk is still deep correction before resumption. Technically speaking, look for the uptrend exhaustion on recovery before 1932 incase the prices continue heading lower, eventually, a significant correction might provide extra favorable entries close to long term upside trend support.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.