Gold Weekly Technical Outlook: Price Rally Fizzles Ahead of Resistance

Gold Technical Outlook

Gold prices rallied for the third consecutive week with the precious metal up more than 0.85% to trade at 1227 ahead of the New York close on Friday. 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.

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Gold Weekly Price Chart

Gold Weekly Technical Outlook: Price Rally Fizzles Ahead of Resistance

Technical Outlook: In our last Gold Weekly Technical Outlook, we highlighted a price breakout above a critical resistance confluence at 1210/14 with the, “first major weekly resistance zone on the topside eyed at 1235/38– a region defined by the 38.2% retracement of the

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/10/19/Gold-Weekly-Technical-Outlook-Price-Rally-Fizzles-Ahead-of-Resistance.html