Gold price updated trade levels - Weekly Technical Chart. XAU/USD recovery testing yearly downtrend resistance - October range breakout pending.
Gold is carving out the October opening-range 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. From a trading standpoint, the next few weeks are absolutely critical for gold with a break of this range likely to fuel the next major leg in price. Stay nimble heading into the close of the week with key inflation data on tap tomorrow likely to spur some added volatility here.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a
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