Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Gold Technical Outlook

Gold prices were higher this week with the precious metal up more than 1.1% to trade at 1240 ahead of the New York close on Friday. The rally marks the fourth consecutive week of advances in gold with price now testing a critical weekly resistance zone. Here are the updated targets and invalidation levels that matter on the XAU/USD weekly chart into the monthly close. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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Gold Weekly Price Chart

Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Technical Outlook: In our last Gold Weekly Technical Outlook, we continued to highlight a critical resistance confluence at 1235/38, “a region defined by the 38.2%

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/10/26/Gold-Breakout-at-Initial-Resistance-Targets.html