Gold Weekly Technical Outlook: Gold Prices Jump as Dollar Breaks

Gold Technical Outlook

Gold prices snapped a two week losing streak with the precious metal rallying more than 1% to trade at 1221 ahead of the New York close on Friday. While this week’s reversal comes amid broad based weakness in the US Dollar and while it does bode well for the bulls, price continues to hold below a critical resistance barrier and the focus is on a breach higher to mark resumption. Here are the updated targets and invalidation levels that matter on the XAU/USD weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Weekly Price Chart

GOLD WEEKLY PRICE CHART

Technical Outlook:

In our last Gold Weekly Technical Outlook, we stated that, “Put simply, IF gold prices are going to rebound, next week would be the time- and the support zone we’re trading into would be the

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/11/16/Gold-Weekly-Technical-Outlook-Gold-Prices-Jump-as-Dollar-Breaks.html