Gold Technical Price Outlook: XAU/USD Near-term Trade Levels
Gold prices have surged nearly 4% off the March lows with XAU/USD threatening a major breakout in early April trade. While the immediate focus is on this recovery, the advance may be vulnerable into uptrend resistance just higher and we’re on the lookout for possible exhaustion on this stretch. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts heading into the April opening-range. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.
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Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview
Technical Outlook: In my last Gold Price Outlook we noted support objectives into, “the yearly low-day reversal close at 1683. Basically, the downside is littered with levels here but IF price breaks lower, expect another accelerated drop towards more significant support at 1649.” Price registered a low at 1678 before reversing sharply higher with the subsequent rally now threatening a breakout of multi-month downtrend resistance at the March open / high-day close at 1733/36.
A newly added ascending pitchfork formation may be in play here and puts the advance at near-term uptrend resistance at the 75% parallel today. Key resistance objectives remain at the 1764/67Fibonacci confluence with a breach / close above the February opening-range lows at 1785 needed to suggest a more significant reversal is underway.
Gold Price Chart – XAU/USD 120min
Notes: A closer look at Gold price action shows XAU/USD testing resistance at the March high-close here at 1745. Weekly-open support at 1728 backed by the opening-range low at 1721– ultimately a break / close below the monthly open at 1707 would be needed to mark resumption of the broader downtrend with such a scenario exposing 1682, 1671 and critical support at the 100% extension at 1649.
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