Gold price technical outlook
Updated
From a technical standpoint, a further breakout of the 100-day Simple Moving Average (SMA) currently in the $1,962 region will likely face stiff resistance in the $1,977-$1,978 region. Next up is last week's monthly highs near $1,987-1,988, above which the price may attempt to recapture the psychological $2,000 level. The uptrend could be extended further towards the next relevant hurdle near the $2,010-$2,012 supply zone.
On the upside, weekly lows in the $1953 region are likely to defend near-term lows ahead of the $1946-1945 region. However, further selling suggests that the recent uptrend seen from earlier this month is on the right track, paving the way for bigger losses. After that, the gold price is on its way down to the $1,926-$1,925 range and may accelerate its decline towards the horizontal support at $1,934. The next relevant support is near $1,909, below which the XAU/USD could break below $1,900 and retest multi-month lows around the $1,893-$1,892 range reached in June.
XAUUSD BUY 1948 - 1950💯💯
✅ TP1: 1960
✅ TP2: 1965
✅ TP3: 1970
🛑 SL: 1943
On the upside, weekly lows in the $1953 region are likely to defend near-term lows ahead of the $1946-1945 region. However, further selling suggests that the recent uptrend seen from earlier this month is on the right track, paving the way for bigger losses. After that, the gold price is on its way down to the $1,926-$1,925 range and may accelerate its decline towards the horizontal support at $1,934. The next relevant support is near $1,909, below which the XAU/USD could break below $1,900 and retest multi-month lows around the $1,893-$1,892 range reached in June.
XAUUSD BUY 1948 - 1950💯💯✅ TP1: 1960
✅ TP2: 1965
✅ TP3: 1970
🛑 SL: 1943
Note
XAUUSD BUY SCALP 1954 - 1952💯💯✅ TP1: 1960
✅ TP2: 1965
✅ TP3: 1970
🛑 SL: 1948
Note
Hit TP1+ 70 Pips ✅ ✅ ✅Note
Hit TP2+ 120 Pips ✅ ✅ ✅
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