XAU/USD outlook: Gold cracks pivotal barrier on fresh acceleration higher

Slobodan Drvenica Windsor Brokers

Gold

Spot gold hit three-week high on Thursday after Fed’s minutes showed that the central bank is going to keep ultra-low interest rates for some time that deflated dollar and US yields and boosted metal’s appeal.

Fresh strength cracked pivotal barrier at $1755 (Mar 18 high) with firm break here to generate bullish signal on completion of double-bottom pattern ($1677).

Daily studies show momentum gaining traction and starting to head north after being in a range around the centerline for some days and moving averages (5/10/20/30) turned to bullish configuration, while stochastic is overbought and may provide headwinds.

Fresh bullish acceleration is heading towards strong barrier at $1773 (base of falling and thickening daily cloud), with penetration into cloud to generate fresh bullish signal for test of next key level at $1784 (Fibo 38.2% of $1959/$1676 descend).

Broken Fibo 23.6% barrier ($1723) reverted to solid support which is expected to keep the downside protected. Only return below a cluster of converged daily MA’s (10/20/30) at $1729/25 zone would sideline bulls

Res: 1760; 1771; 1773; 1784
Sup: 1743; 1733; 1729; 1725

Interested in XAU/USD technicals? Check out the key levels

1. R3 1758.3
2. R2 1751.36
3. R1 1744.58
PP 1737.64
1. S1 1730.86
2. S2 1723.92
3. S3 1717.14

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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