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XAU/USD Outlook: Price Dipped Below Pivotal $1300 Support

XAU/USD Outlook: Price Dipped Below Pivotal $1300 Support

XAU/USD

Spot Gold remains under pressure as the price dipped below pivotal $1300 support, ending near-term consolidative phase where the upside was limited at $1329. Dips so far reached 1294, just ahead of $1291 support, with corrective rally stalling at $1314 and price consolidating at $1300 zone. Negative near-term studies keep the downside favored, with initial targets at $1294/91, ahead of key support at $1277, 02/10 low. Corrective rallies should stay capped under $1315/20 barriers and trendline resistance, to maintain freshly established near-term bears, while only regain of $1329, 08/10 recovery top, would provide relief. Resistance: 1308; 1314; 1320; 1329

Support: 1300; 1294; 1291; 1285

XAU/USD Hour Chart” title=”XAU/USD Hour Chart” width=”800″ height=”400″ src=”https://d1-invdn-com.akamaized.net/content/pica816327bd9a4970d212808d98a3ed4c8.png” />

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