Gold Weekly Technical Outlook:Breakout Potential at Major Resistance

Gold Technical Outlook

Gold prices snapped a four-week winning streak with the precious metal off by just 0.11% to trade at 1232 ahead of the New York close on Friday. Despite the loss, prices closed well-off the weekly close with the broader outlook still favoring continued strength. Here are the updated targets and invalidation levels that matter on the XAU/USD weekly chart into November trade. 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 WEELY CHART

Technical Outlook:

In our last Gold Weekly Technical Outlook, we noted that prices were testing a critical resistance confluence at 1235/38 with the immediate long-bias at risk while below. Out ‘bottom line’ cited

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/11/02/Gold-Weekly-Technical-Outlook-Breakout-Potential-at-Major-Resistance.html