Gold Price Outlook: First Major Test for the XAU/USD Breakout

Gold has been on the offensive with the price breakout now testing BIG technical resistance after rallying more than 6.5% off the yearly lows. While the broader focus remains higher, the immediate advance looks vulnerable as price approaches this critical barrier. These are the updated targets and invalidation levels that matter on the XAU/USD charts from here. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Daily Price Chart

Gold Daily Price Chart (XAU/USD)

Technical Outlook: In our latest Gold Weekly Technical Outlook we highlighted the first major resistance confluence for the gold breakout at 1235/38a region defined by the 38.2% retracement of the yearly range, the 100% extension of the advance off the August low, the December swing low and the long 200-week moving average.” Gold is probing this region today and

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2018/10/23/Gold-Price-Outlook-First-Major-Test-for-the-XAUUSD-Breakout-Technical-Chart-Forecast-MBCS.html