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XAU Breakout Stalls at Resistance

XAU Breakout Stalls At Resistance paper is one regarding the Finance, Forex lists, written on our writer Erick Emerson just after February 9, 2019, the essay can search just as the tags Breakout, Resistance, Stalls, XAU. We're blissful to glad you along with providing that others paper regarding finance as well we always writting that part everyday.

Gold Price Weekly Technical Outlook: XAU Breakout Stalls at Resistance

Gold is carving a monthly opening-range just below Fib resistance and keeps the price breakout vulnerable. Here are the levels that matter on the XAU/USD weekly chart.

  • Updated weekly technicals on Gold – Price carves February opening range below Fibonacci resistance
  • Check out our 2019 projections in our Free DailyFX Gold Trading Forecasts
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

Gold prices are set to snap a two-week winning streak with the precious metal down 0.26% to trade at 1314 ahead of the New York close on Friday. Here are the key targets & invalidation levels that matter on the Gold (XAU/USD) weekly chart.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Looking for a fundamental perspective on Gold ? Check out the Weekly Gold Fundamental Forecast.

Gold Weekly Price Chart (XAU/USD)

Notes:In my previous Gold Weekly Technical Outlook we noted that the price breakout had,achieved our initial resistance target and leaves the immediate advance vulnerable near-term,” while below Fibonacci resistance at 1322. Price has now set the February opening-range just below this threshold with weekly momentum testing resistance at the 70-threshold. The broader price breakout remains at risk while below this zone.

Initial support remains back at the 2018 open at 1302 with near-term bullish invalidation steady at the highlighted slope confluence around ~1290. ‘A breach higher from here targets the 2018 high-week close at 1350 backed closely by the 2016 trendline just higher around ~1360s.’

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:The immediate focus is on a break of the 1302-1322 zone early in the month with the broader outlook weighted to the topside while above 1290. From a trading standpoint, we’ll favor fading weakness while above confluence support targeting a breach higher in price. Review my latest Gold Price Outlook for a closer look at the near-term trading levels.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Gold Trader Sentiment

Gold

  • A summary of IG Client Sentiment shows traders are net-long Gold – the ratio stands at +2.51 (71.5% of traders are long) – bearish reading
  • Long positions are 3.5% higher than yesterday and 3.0% higher from last week
  • Short positions are 0.7% higher than yesterday and 9.0% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Learn how to Trade with Confidence in our Free Trading Guide

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

Other Weekly Technical Forecast:

Australian Dollar Forecast – Australian Dollar Strength Falls Apart, Can AUD/CAD Breakout Last?

Oil Forecast – Bullish Backdrop Remains Despite Weekly Drop

British Pound Forecast – GBP Down But Not Out

US Dollar Forecast – Dollar Matches Longest Climb Since November 2016, Is it a Trend?

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