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XAU/USD Outlook: Spot Gold Entered Corrective Mode

XAU/USD Outlook: Spot Gold Entered Corrective Mode

XAU/USD

Spot Gold entered corrective mode after sharp fall found temporary support at 1277, and a Fibonacci at a 61.8% retracement of larger 1180/1433 rally. Subsequent bounce and yesterday’s close above psychological 1.1300 barrier, with extension to 1323, 61.8% of 1351/1277 descend, sees potential for further recovery, according to positively aligned hourly studies. From the other side, 4-hour structure is still weak, with recovery rally being capped by descending 55DMA. Extension above 1338/51 barriers is required to confirm recovery and avert downside risk. Conversely, failure under the latter barriers, would risk lower top formation and fresh leg lower, as daily studies remain negative. Loss of 1300 handle to confirm bearish resumption. Resistance: 1323; 1338; 1343; 1351

Support: 1309; 1300; 1291; 1277

XAU/USD Hourly Chart” title=”XAU/USD Hourly Chart” src=”https://d1-invdn-com.akamaized.net/content/picd2eb766dfa3f6539e99718602855d69e.png” height=”400″ width=”800″ />

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