XAU/USD Technical Outlook: Gold Price Relief or Larger Recovery?

collected by :kiven Dixter

Here are the levels that matter for XAU/USD heading deeper into June trade. Review this week's Strategy Webinar for an in-depth breakdown of this setup and more. Gold Daily Price Chart (XAU/USD)Technical Outlook: In last week's Gold Technical Outlook, we noted a bearish bias, "sub-1266 with near-term bearish invalidation up at the objective weekly opening-range highs at 1272. Avoid these Mistakes in your tradingBottom line: Gold has responded to key weekly support and the immediate focus is on the June opening range with the broader downtrend at risk near-term while above 1236. See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Gold Price Forecast – Gold markets extraordinarily volatile on Friday

Gold markets were very difficult to trade on Friday, initially breaking down rather drastically, but then turning right back around to reach towards the $1225 level. I think that the $1200 level underneath is massive support, and I feel that it is only a matter time before the buyers would come in for a longer-term move at that level. If we were to break down below the $1200 level, that could have this market unwinding rather drastically, perhaps reaching as low as $1000 given enough time. The volatility is going to continue to be a major issue, as the market is being kicked around by larger funds right now. Gold Prices Video 30.07.18This article was originally posted on FX EmpireMore From FXEMPIRE:

Gold Price Outlook Mired by Extreme Retail Positioning

as mentioned in Gold Talking PointsBroader outlook for gold prices remain tilt to the downside as the precious metal extends the bearish trend from earlier this year, and the recent rebound appears to stalling at a near-term pivot as the precious metal quickly falls back from the July-high ($1266). Gold Price Outlook Mired by Extreme Retail PositioningA look at the monthly opening range suggests a near-term top is in place amid the failed attempts to close above the $1260 (23.6% expansion) hurdle, and gold prices may continue to consolidate over the days ahead as trader sentiment sits at an extreme. The IG Client Sentiment Report shows 88.2% of traders are still net-long gold, with the ratio of traders long to short at 7.45 to 1. The update reinforces a bearish outlook for gold as retail interest remains heavily skewed, with recent price action curbing the threat for a larger recovery as both price and the Relative Strength Index (RSI) preserve the bearish formations from earlier this year. For more in-depth analysis, check out the Q3 Forecast for GoldInterested in having a broader discussion on current market themes?

Trading Outlook for USD, Euro, GBP Crosses, Gold Price & Others

Overall trading conditions warrant cautionWe started off today's webinar discussing the current trading environment as conditions haven't been ideal for making aggressive maneuvers. A lot of choppy, indecisive price action out there, but the good news is that these periods of choppy trading turn into periods of extended price moves. USD choppy, EUR/USD triangulatingGenerally, it's a chop-fest in the dollar-spectrum, with the likes of the euro and aussie highlighting some of the 'worst' price action. GBP/NZD 4-hr Chart (Rising Wedge, weakening price sequenceGold trying to cement higher lowYesterday, we were discussing the possibility of gold carving out a higher low amidst oversold conditions. Gold Price Daily Chart (Bounce into resistance?)