Gold Weekly Best Buy level 1319, resistance or best sell level 1328.60 (current support), A break above 1338.20, Upside target capped at 1360 - 1370, However, a crack below 1309 downside target in Focus 1286 - 1276
Technical snapshot: As of daily trend indicators are pointing towards southward's suggesting we are still on the bearish side, followed by weekly technicals indicators seem's exhausted & formation of a bearish candlestick pattern on the weekly charts might be indicating upside is limited and the bulls are on exhaustion point,
I strongly recommend traders to see things in a broader perspective & not to ignore what the monthly time frame indicators have to say.
Monthly - CandleStick Pattern: Three white soldiers in formation, Parabolic SAR is giving support, followed by stochastic oscillators and commodity channel index pointing towards a possible breakout point.
When monthly bulls are in charge, No daily weekly technical indicators subdue the bulls. The prices are going to bounce back from all lows no matter the numbers to run and complete its full course.
Risk Range: 1276 - 1285 to 1360 - 1370
Alternative Scenario: There is No better Indicator than Price Action
If the weekly bearish cloud sets in for a while, price action suggests a drop in prices to 1278 levels is possible only below 1303 sets 1286 - 1276 in focus, gap filling point from its 1236 to 1344 run up lately.
Approach: Early week Short positions above 1332 - 1337 for target 1320.
Risk appetite traders buy zone below or b/w 1320 - 1310 with stops or reversal below 1303. If hold then 1329 acts a new break out point, once the above levels fill.
Gold XAU/USD Prices Now at 1331.80
