XAU/USD Outlook: Fresh attempts higher pressure near-term congestion top

Slobodan Drvenica Windsor Brokers

GOLD

Spot gold rebounds on Monday and heads towards the upper boundary of near-term congestion. Friday's action ended in inverted hammer candle and remained above rising 10SMA which continues to underpin. Overall structure remains bullish but near-term outlook is neutral while the price holds within $1298/76 congestion. Current action could be seen as consolidation before final push through psychological $1300 barrier and extension towards targets at $1309/16 (14 June lower high / Fibo 76.4% of $1365/$1160 fall). The scenario is expected to stay alive while 10SMA holds, while break below would generate initial bearish signal and risk deeper pullback on extension below $1276/73 (range floor / rising 20SMA).

Res: 1298; 1300; 1309; 1316
Sup: 1290; 1287; 1282; 1276

Interested in XAUUSD technicals? Check out the key levels

1. R3 1302.74
2. R2 1298.98
3. R1 1293.72
PP 1289.96
1. S1 1284.7
2. S2 1280.94
3. S3 1275.68

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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