Gold fails to kick on and slips towards support
Updated
Markets continue to gyrate between a risk-on/risk-off approach and with the added influence of its dollar denomination, XAUUSD is no exception.
Our long-term outlook remains positive with the weekly chart highlighting the presence of a bullish flag formation, with an expectation of a break higher. This may take a while to play out and can accept a move to well below the $1,300 support (even $1,280) without being impacted.
The recent rejection from resistance at $1,242 looks to be gathering pace and momentum should result in a test of the support above $1,300. This highlights a fair risk/reward opportunity for today.
Our long-term outlook remains positive with the weekly chart highlighting the presence of a bullish flag formation, with an expectation of a break higher. This may take a while to play out and can accept a move to well below the $1,300 support (even $1,280) without being impacted.
The recent rejection from resistance at $1,242 looks to be gathering pace and momentum should result in a test of the support above $1,300. This highlights a fair risk/reward opportunity for today.
Note
Prices have reached target and we may see a reaction from here
Live Youtube - youtube.com/@SignalCentre/streams
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.