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Gold Price Technical Outlook: XAU/USD Reversal to Risk

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by , 03-15-2019 at 11:31 AM (57 Views)
          
   
Gold registered a low at 1280 with price respecting slope on a close basis before recovering higher. The advance failed this week at former channel support, turned resistance, with the subsequent sell-off breaking back below the 1302 pivot zone. The decline is now testing the 61.8% retracement of the advance at 1292 and a break below this threshold would risk another test of slope support with broader bullish invalidation steady at 1275/76 where the yearly opening-range low converges on the 38.2% retracement. Ultimately, a topside breach above monthly open resistance at 1313 is needed to shift the focus higher targeting the 61.8% retracement at 1321.

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The immediate risk is lower while below 1302 but ultimately, we’re looking for a new low to satisfy a larger correction. From a trading standpoint, a good place to reduce short exposure / lower protective stops.

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