XAU/USD Outlook: Gold extends below pivotal Fibo support, pressured by rising risk appetite

Slobodan Drvenica Windsor Brokers

GOLD

Spot gold remains firmly in red as eased geopolitical and trade tensions revived demand for riskier assets.
The metal’s price eventually made clear break below pivotal Fibo support at $1547 (38.2% of $1445/$1611) after being congested here in past three days.
This generated bearish signal which would require confirmation on daily close below.
Bears pressure daily Kijun-sen ($1534), with break here to expose $1528 (50% retracement) and $1520 (rising 20DMA).
South-heading daily indicators support scenario, but oversold stochastic requires caution, with bounce and repeated failure to clear $1547 pivot, to put bears on hold.

Res: 1547; 1550; 1564; 1572
Sup: 1534; 1528; 1520; 1508

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

1. R3 1573.72
2. R2 1567.86
3. R1 1558.31
PP 1552.45
1. S1 1542.9
2. S2 1537.04
3. S3 1527.49

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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