Gold prices are softer this week with XAU/USD struggling to close above a key resistance confluence for over a month now. These are the updated targets and invalidation levels that matter on the XAU/USD weekly charts. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this gold price[3] setup and more.[1][2]
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Gold Price Chart - XAU/USD Weekly
Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview[5][6]
Notes: In my last Gold Price Weekly Outlook we warned to, “Watch the weekly close – IF price fails to hold above the 1522/26 zone, look for weakness back towards uptrend trend support into the start of September trade.” Price briefly registered a high at 1556 this week before turning with XAU/USD poised to mark an outside weekly-reversal off fresh record highs ahead of the New York close on Friday. Note that gold has now failed to close above critical resistance for the fourth-consecutive week – highlighting the risk for a deeper correction in price while below this region. [7]
Initial weekly support unchanged at the highlighted trendline confluence around ~1465. A close below 1451 would be needed to suggest a more significant high was registered this week. A pivot back above 1526 once again eyes resistance at 1558 - a breach / close above this threshold would have us targeting key resistance at the 61.8% retracement of the decline off the 2011 record highs at 1586- look for a bigger
