Gold Price Outlook: Risk Sell-off to Fuel XAU/USD Breakout
- Gold prices rebounds off August trendline support- Monthly opening-range breakout pending
- Check out our 3Q projections in our Free DailyFX Gold Trading Forecasts
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Gold is poised to breakout of a multi-week consolidation range in price. Here are the updated targets and invalidation levels that matter on the XAU/USD charts heading into the close of the week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.
Gold Daily Price Chart
Technical Outlook: For the past few months our Gold Price Outlook has favored “fading weakness while above 1180” with our most recent update highlighting the threat of a price breakout in XAU/SD heading into October trade. Price registered a low at 1183 this week before rebounding with the monthly opening-range now set just below slope resistance. Key near-term resistance remains at 1214/15– a region defined by the 61.8% retracement of the late-2016 advance, the May 2017 low and the August high. A