Gold price updated trade levels - Weekly Technical Chart. XAU/USD attempting breakout of 2022 downtrend- focus is on weekly close above 1675.
I noted that XAU/USD was trading, “just below yearly channel resistance- look to the breakout for short-term direction but with the broader focus on a breakout of the 1631-1722 range for guidance.” An outside weekly reversal off support last week is now threatening a breakout of the yearly downtrend and the focus is on this week’s close. Note that this is the first bullish outside weekly reversal this year – three out of the past four instances saw price follow through in the weeks ahead.
- a region defined by the yearly low-week close and the 2021 swing lows. Although gold closed just above this threshold last week, XAU/USD has been straddling this level for the past few days and I’m looking for some follow through- watch the weekly close. Initial resistance now at the 23.6%with key resistance eyed at the January low-week close / 38.2% retracement at- look for a larger reaction there IF reached with a close above to validate a larger trend reversal.
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