Gold broke through key resistance last week at the former record high / June high at 3432/51 with XAU/USD rallying to fresh record highs today. Price is poised to mark a sixth-consecutive daily advance with gold now trading just below uptrend resistance.
Initial support rests with the median-line (blue- currently near ~3470) and is backed again by 3432/51- losses should be limited to this threshold IF price is heading higher on this stretch. Broader bullish invalidation rests with the April high-day close (HDC) at 3381.
Initial lateral resistance is eyed at the 1.618% extension of the late-July advance at 3540 and is backed by the 100% extension of the broader May rally at 3578- look for a larger reaction there IF reached.
-MB
Initial support rests with the median-line (blue- currently near ~3470) and is backed again by 3432/51- losses should be limited to this threshold IF price is heading higher on this stretch. Broader bullish invalidation rests with the April high-day close (HDC) at 3381.
Initial lateral resistance is eyed at the 1.618% extension of the late-July advance at 3540 and is backed by the 100% extension of the broader May rally at 3578- look for a larger reaction there IF reached.
-MB
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.