XAU/USD Technical Outlook: Moment of Truth for Gold Prices

Gold prices are down more than 2% from the weekly highs but continue to trade just above a critical support zone we’ve been tracking. Here are the levels that matter for XAU/USD 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 (XAU/USD)

Gold Daily Price Chart

Technical Outlook: In last week’s Gold Technical Outlook, we highlighted that prices had responded to critical support at 1236/39– a region, “defined by the 78.6% retracement of the December lows the 78.6% retracement and converges on basic uptrend support extending off the late 2016-low as well as the median-line of the descending pitchfork formation we’ve been tracking since the April high.”

Price failed to close above the monthly opening range highs early in the

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2018/07/12/XAUUSD-Technical-Outlook-Moment-of-Truth-for-Gold-Prices-Forecast.html