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Gold's breakdown: what's next?

Gold's breakdown: what's next?

Updated

4H Chart 

XAUUSD h4.png             

Daily Chart

XAUUSD Daily.png

Gold prices tumbled on Friday and at beginning of the Asian session today, reaching as low as $1854/Oz, breaking through its upside channel on the daily chart, while the technical indicators are now clearly bearish, which confirms our short-term retracement outlook mentioned before since gold was trading above $1910. In the meantime, the key support for this week stands at $1840 which represents the 200-day MA, where gold is likely to show some stabilization, while we maintain our medium-term long positions that were issued back in April at $1710 and $1725 unchanged with a Stop Loss at $1730/Oz for now.

S3

S2

S1

Pivot

R1

R2

R3

1828.00

1856.53

1867.03

1885.06

1895.56

1913.59

1942.12

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