Gold Range within a Range- Breakouts Pending
Gold rejected confluent resistance last week at 2368 with price marking an outside-day reversal off the high.
The immediate focus is on a breakout of the 2318-2368 range for guidance with a breakout of the monthly opening-range (2286-2387) ultimately to clear the way.
From a trading standpoint, the threat remains for a deeper correction within the broader uptrend with the near-term risk weighted to the downside while below Friday's high. Ultimately, we're looking for an exhaustion low in the weeks ahead to with a breach above this formation needed to mark trend resumption.
Keep in mind we get the release of key US inflation data on Friday with the US Core Personal Consumption Expenditure (PCE) on tap into the monthly close. Stay nimble into the releases and watch the close for further guidance here.
Michael Boutros, Sr Technical Strategist with Forex.com
MBForex
The immediate focus is on a breakout of the 2318-2368 range for guidance with a breakout of the monthly opening-range (2286-2387) ultimately to clear the way.
From a trading standpoint, the threat remains for a deeper correction within the broader uptrend with the near-term risk weighted to the downside while below Friday's high. Ultimately, we're looking for an exhaustion low in the weeks ahead to with a breach above this formation needed to mark trend resumption.
Keep in mind we get the release of key US inflation data on Friday with the US Core Personal Consumption Expenditure (PCE) on tap into the monthly close. Stay nimble into the releases and watch the close for further guidance here.
Michael Boutros, Sr Technical Strategist with Forex.com
MBForex
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