Gold Price Outlook: Recovery Finds Resistance at October Trendline

Gold has rallied more than 2.7% off the monthly lows with price now testing resistance at the October trendline. These are the updated targets and invalidation levels that matter on the XAU/USD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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Gold Daily Price Chart (XAU/USD)

Gold Daily Price Chart (XAU/USD)

Technical Outlook: In our last Gold Technical Outlook our ‘bottom line’ stated that we were, “looking for evidence / constructive price action to suggest this week’s decline was just a washout with a breach of this near-term formation to offer guidance. From a trading standpoint, I’ll favor fading weakness while above 1203 with near-term bullish invalidation steady at 1201.” Gold rallied into a high at 1229.93

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2018/11/21/Gold-Price-Outlook-Recovery-Finds-Resistance-at-October-Trendline-XAUUSD-Chart-Forecast-MBCS.html