XAU/USD outlook: Gold hits new five-week high on break above pivotal barriers at $3,400 zone

Slobodan Drvenica Windsor Brokers

XAU/USD

Gold surged above $3400 barrier on Tuesday after a brief pause (shallow pullback from $3402 to $3383) and cracked next target at $3420 (triangle’s upper boundary).

Steep ascend extends into second consecutive day, with daily close above $3400 zone (psychological / Fibo 76.4% of $3452/$3246) to generate fresh bullish signal, which will be validated on sustained break above $3420 that would unmask $3452 (June 16 top).

Meanwhile, corrective dips should be anticipated on strongly overbought hourly studies and expected to provide better levels to re-enter bullish market.

Broken barrier at $3400 reverted to solid support which should ideally contain, with extended dips to find ground above today’s low ($3383) to keep larger bulls intact.

Res: 3420; 3437; 3452; 3500.
Sup: 3400; 3383; 3350; 3330.

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

1. R3 3474.13
2. R2 3437.84
3. R1 3417.65
PP 3381.36
1. S1 3361.17
2. S2 3324.88
3. S3 3304.69

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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