Gold Price Outlook: Breakout Potential as XAU/USD Consolidates

Gold prices have continued to trade within a well-defined formation we’ve been tracking for months now with our immediate focus on a breakout of the monthly range. Here are the updated targets and invalidation levels that matter on the XAU/USD charts heading into the close of the week.

Gold Daily Price Chart

Gold Price Chart - Daily

Technical Outlook: In our previous Gold PriceTechnical Outlook our bottom line noted that the, “Immediate risk is lower from here but ultimately a pullback should offer more favorable long-entries while above 1180.” Price marked a low at 1187 before rebounding sharply last week with our focus now on a break of the September opening-range.

Key daily resistance targets are unchanged at 1214/15 and 1221– a breach there is needed to fuel the next leg higher with such a

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2018/09/19/Gold-Price-Outlook-Breakout-Potential-as-XAUUSD-Consolidates-Technical-Forecast-MBCS.html