GOLD, XAU/USD

The updates here are NOT REAL-TIME and meant for information only. For REAL-TIME updates, please SUBSCRIBE

REAL-TIME UPDATE TO MEMBERS   -  17th Sep 2021

[Gold December Futures, XAU Update] Amid heavy choppiness in precious metals, Gold has again reached out to its next key support at 1734-1750 (XAU=1734-1750) with the anticipation of a rebound. That said, nano-level bounces shall not be productive.

Gold will need to trigger a strong impulse reaction off the support that shall surmount the newly formed local resistance at 1781-1786 (XAU=1781-1786) followed by the key resistance at 1824-1837 (XAU=1824-1837) to exit the sustained downward pressure.

Failure to secure a strong follow through on the bounce will setup another test of the key support. Inability to hold above 1734 shall escalate the downward pressure and expose the larger degree key support at 1670-1678 (XAU=1670-1678) for the fourth time this year.

FOMC event on Wednesday, September 22 has the potential to bring substantial volatility in precious metals. Please know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   -  10th Sep 2021

[Gold December Futures, XAU Update] Small adjustments have been made to the micro-pattern amid continuing choppiness in precious metals. Kindly note the parameters in the technical map below. A summary table shall be shared shortly

At the macro-level, Gold has previously bounced off the larger degree key support at 1670-1678 (XAU=1668-1776).

At the micro-level, Gold has formed a key support at 1734-1750 (XAU=1732-1748) and a local support at 1769-1783 (XAU=1767-1781). All technical pullbacks will need to hold above the micro-supports if Gold intends to progress further to the higher resistances.

The immediate local resistance is at 1824-1837 (XAU=1822-1835), a break of which shall set up a test of the next key resistance at 1852-1865 (XAU=1850-1863).

Only a strong decisive break above 1865 shall open the gates to the bigger hurdles in the 1900+ region.

REAL-TIME UPDATE TO MEMBERS   -  16th Aug 2021

[Gold December Futures, XAU Update] In line with the previous update (tagged), Gold reached very close to the key resistance at 1799-1804 (XAU=1798-1803) earlier today and is currently receding from this level.

Any technical pullback will now need to hold above the newly formed local support at 1742-1763 (XAU=1741-1762) if Gold intends to get past the immediate resistance and the next one at 1823-1837 (XAU=1822-1834)

Overcoming key resistances and establishing new higher supports are crucial steps in making meaningful progress in countering the persistent downward pressure.

 


REAL-TIME UPDATE TO MEMBERS   -  11th Aug 2021

[Gold December Futures, XAU Update] Gold has bounced off the key support at 1660-1680 (XAU=1658-1678) during the little flash crash that it witnessed in a sporadic volume environment earlier this week.

The only way to counter this persistent downward pressure is to overcome at least one key resistance. Gold has not been able to satisfy this minimum condition in the last several attempts. The nearest key resistance is now at 1799-1806 (XAU=1798-1805).

At the nano-level (smallest degree), Gold has formed a new layer of local resistance at 1760-1769 (XAU=1759-1768). Surpassing this zone shall be the initial signal that Gold is interested in making an effort to take the battle to the key resistance.

Any technical pullback will now need to hold above the key support at 1660-1680 (XAU=1658-1678) and preferably above the local support at 1696-1710 (XAU=1695-1709) if Gold is to make any progress in confronting the sustained bearish pressure.

Kindly know your parameters and plan accordingly

 


REAL-TIME UPDATE TO MEMBERS   -  9th Aug 2021

[Gold December Futures, XAU Update] Sporadic volumes during market open have resulted in hyper-volatility in precious metals.  As mentioned in the previous updates, Gold continues to remain under downward pressure until it manages to deliver a MEANINGFUL BOUNCE by breaking a couple of immediate resistances.

At this point in time, the nearest local resistance continues to remain at  1799-1806 (XAU=1798-1805). Nearby local resistances are yet to form. We shall post them along with micro-patterns with some more price action.

The next key support is at 1660-1680 (XAU=1658-1678).


REAL-TIME UPDATE TO MEMBERS   -  3rd Aug 2021

Gold December Futures, XAU Update] Please note the change in contract from August to December. The key levels have shifted slightly given the new contract

Gold had made some progress last week after it managed to eke out a bounce off the key support at 1763-1789 (XAU=1760-1786). But the nearest local resistance at 1833-1839 (XAU=1830-1836) has again stalled its further advance.

Only a strong break of 1839 shall set up a test of the next key resistance at 1864-1870 (XAU=1861-1867) followed by 1886-1891 (XAU=1883-1888).

At the macro-level (larger degree), Gold will need to work out a decisive break of a couple of immediate KEY resistances to render the bounce meaningful and to pull itself out of the persistent downward pressure and choppiness.
 

NFP (US Jobs Report) on Friday (August 6) has the potential to bring volatility in precious metals. Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  24th Jul 2021

[Gold August Futures, XAU Update] Gold continues to remain choppy in a narrow range as cautioned in the previous updates. While it is continuously attempting nano-level rebounds from the nearest support, the traction has been limited so far. Every smaller degree bounce is met with a reversal that pierces deeper into the key support zone.

The only minor change is that the immediate key support has been revised slightly lower to 1769-1788 (XAU=1769-1788) and a new local resistance has been added at 1825-1835 (1825-1835).

Again, please beware of frequent whipsaws/choppiness and position accordingly. Gold is not out of the woods yet.

 


REAL-TIME UPDATE TO MEMBERS   -  15th Jul 2021

[Gold August Futures, XAU Update] While Gold has bounced off the key support at 1789-1796 (XAU=1788-1795) (previously local) and finally managed to break the immediate resistance ~1820 after five unsuccessful attempts, it is still not completely out of the woods and continues to operate in whipsaw territory.

In light of this, we shall be sharing nano-level (smallest degree) operational scenarios for greater visibility.

Gold has now formed a new layer of local support at 1812-1818 (XAU=1811-1817). It will need to hold above this level during technical pullbacks if it intends to continue towards the next key resistance at 1857-1866 (XAU=1857-1866) followed by 1879-1885 (XAU=1879-1885).

Failure to hold above 1812 shall trigger another round of whipsaw to the key support at 1789-1796 (XAU=1789-1796).

Kindly know your parameters and plan accordingly

 


REAL-TIME UPDATE TO MEMBERS   -  8th Jul 2021

[Gold August Futures, XAU Update] Gold has previously bounced off the key support at 1738-1750 (XAU=1738-1750) and is now repeatedly probing the local resistance at 1812-1819 (XAU=1812-1819) for the last several hours.

It has now formed a new layer of local support at 1789-1796 (XAU=1789-1796). Gold will need to operate above this support during any smaller degree technical pullback if it intends to break the immediate local resistance and to advance higher to the next key resistance at 1835-1842 (XAU=1835-1842).

Failure to hold above 1789 during a technical pullback shall mean continued choppiness and a retest of the key support.

At the macro-level, Gold is not out of the woods yet and needs more pronounced traction to show any preliminary intent to exit the near-term downward pressure.
 

REAL-TIME UPDATE TO MEMBERS   -  24th Jun 2021

[Gold August Futures, XAU Update] Gold has been meandering around the key support at 1765-1771 (XAU=1765-1771) for the last few trading sessions, albeit a minor breach. While it is repeatedly attempting smaller degree bounces off this support, none of the efforts have fructified into promising traction yet.

Any bounce will need to clear the immediate local resistance at 1812-1819 (XAU=1812-1819) followed by the key resistance at 1835-1842 (XAU=1835-1842) to render itself MEANINGFUL.

Inability to clear these obstacles shall make the nearest support vulnerable and expose the next key support at 1738-1750 (XAU=1738-1750) followed by the larger degree key support at 1678-1707 (XAU=1678-1707).

Kindly know your parameters and plan accordingly
 

 

REAL-TIME UPDATE TO MEMBERS   -  17th Jun 2021

[Gold August Futures, XAU Update] It is time to review the detailed technical picture in Gold.

At a macro-level, Gold rebounded from the larger degree key support at 1678-1707 (XAU=1677-1706) in early March. While Gold managed to garner reasonable traction to surmount the smaller degree resistances and scaled the 1900+ zone, it repeatedly failed to reach the BIGGER HURDLES in the 1940-1970 region.

In the last attempt, Gold failed to clear even the nearest local resistance at 1870-1876 (1869-1875) which along with FOMC related volatility has now invoked a deeper correction scenario exposing the next key supports at 1765-1771 (XAU=1764-1770) and 1740-1752 (XAU=1739-1751).

Any bounce off these supports will need to be strong enough to surmount the key resistance at 1870-1876 (XAU=1869-1875) if Gold intends to rebuild the micro-bullish setup.

Inability to work out a powerful bounce at these supports would mean a retest of the larger degree key support.

One method to operate around over-extended price action is to stay on the sidelines until there is a MEANINGFUL bounce from one of the supports. It is illustrated in the next update

 

REAL-TIME UPDATE TO MEMBERS   -  8th Jun 2021

[Gold August Futures, XAU Update] Market price action is analogous to a Y-shaped slingshot (also called Catapult, Shanghai or Gulel). When a projectile falls short of the intended target, it is resolved by either exerting a greater draw force or by extending the draw length (pull back). Similarly, when price action fails to break a resistance, market looks to resolve the situation by either invoking a stronger bounce from the previous support or by extending the pullback further to the next support. This consolidation pattern repeats a few times until the resistance is eventually broken.

Gold has previously bounced off the local support at 1854-1856 (XAU=1851-1853) (calibrated) and is attempting to probe the key resistance at 1913-1919 (XAU=1911-1917) again. Clearing this resistance layer is a necessary step for Gold to take the battle to the BIGGER HURDLES in the 1940-1970 zone.

Such regions with a cluster of resistances have the propensity to trigger short-term consolidation which is nothing but a few round trips between the nearest supports & resistances.

Failure to get past the immediate key resistance shall push the price action back to the local support at 1854-1856 (XAU=1851-1853) a break of which can extend the pullback to the next key support at 1826-1839 (XAU=1823-1836).

Kindly know your parameters and plan accordingly

 


REAL-TIME UPDATE TO MEMBERS   -  21st May 2021

[Gold June Futures, XAU Update] Gold has now formed a new layer of local support at 1850-1859 (XAU=1850-1859) above the key support at 1816-1830 (XAU=1816-1830) (previously local)

Gold will need to operate above these supports on any technical pullback if it intends to target the next key resistance at 1902-1910 (XAU=1902-1910).

Please note that upon reassessment of the pattern, the BIGGER hurdles in Gold have been modified to key resistance at 1935-1950 (XAU=1935-1950) and 1966-1975 (XAU=1966-1975)

A strong break above 1910 shall open the gates to these resistances,

 

REAL-TIME UPDATE TO MEMBERS   -  18th May 2021

[Gold June Futures, XAU Update] Gold has reached the key resistance ~ 1870 in line with the previous update (tagged). It has been meandering around this level for the last several hours, albeit a minor breach.

It has now formed a new layer of local support at 1816-1830 (XAU=1816-1830) above the key support at 1790-1798 (XAU=1790-1798).

Gold will need to operate above the key support and preferably above the local support on any technical pullback if it intends to extend further to challenge the BIGGER HURDLES, which are the two adjacent key resistances at 1902-1910 (XAU=1902-1910) and 1928-1936 (XAU=1928-1936).

 

 

REAL-TIME UPDATE TO MEMBERS   -  21st May 2021

[Gold June Futures, XAU Update] In line with the previous update (tagged), Gold managed to reach the resistance zone ~1819-1835 earlier today. The precipitous surge in volumes during NFP release has broken this level.

The next key resistance resides at 1862-1870 (XAU=1862-1870). Surpassing this micro-resistance is a necessary step for Gold to build a technical setup that shall begin challenging the BIGGER HURDLES in the 1900+ area.

Gold will now need to ensure that it operates above the newly formed key support at 1790-1798 (XAU=1790-1798) in the current pullback to set up a test of this resistance.

Only a break below 1790 shall weaken this developing scenario and shift the focus back to the lower supports.

 

REAL-TIME UPDATE TO MEMBERS   -  30th Apr 2021

[Gold June Futures, XAU Update] Gold has so far receded from the key resistance at 1799-1805 (XAU=1799-1805) and has reached the local support at 1748-1755 (XAU=1748-1755) (slightly calibrated) a few hours back. It is currently attempting a bounce off this support.

An adjoining layer of local support has also formed at 1736-1740 (XAU=1736-1740) which may come into play in the event the current bounce is unable to garner material traction. Below this resides the key support at 1711-1720 (XAU=1711-1720).

The current technical pullback in Gold will need to hold one of these local or key supports if it intends to have another go at the key resistance at 1799-1805 (XAU=1799-1805) followed by 1819-1835 (XAU=1819-1835).

Only a break below 1711 shall expose the previous low and the key support at 1672-1677 (XAU=1672-1677) again.

Kindly note these parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  22nd Apr 2021

[Gold June Futures, XAU Update] In our previous update, we had mentioned that Gold will need to operate preferably above the local support at 1752-1759 (XAU=1752-1759) to target the higher resistances. The previous pullback completed very close to this support and triggered a bounce off it.

The same scenario continues to apply with minor modifications to the resistance zones.

Gold will need to operate above this local support on any smaller degree pullback if it intends to have another go at the key resistance at 1799-1805 (XAU=1799-1805) followed by 1819-1835 (XAU=1819-1835).

A break below 1752 shall weaken this evolving micro-bullish setup and shift the focus back to the key support at 1711-1720 (XAU=1711-1720).

Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  9th Apr 2021

[Gold June Futures, XAU Update] Gold has receded from near the upper end of the local resistance at 1758. Since there was a minuscule breach, the local resistance has been slightly calibrated to 1758-1762 (XAU=1758-1762).

Clearing this resistance decisively is a prerequisite to challenge the micro-level key resistance at 1788-1794 (XAU=1788-1794) designated as MISSION 2 in the previous updates (tagged). If Gold is able to accomplish this mission, it shall be an important penultimate step in exiting the corrective wave and building a micro-level bullish setup for a new wave up.

While the first attempt to break the local resistance has failed, Gold can have another go at this level as long as it operates above the newly formed key support at 1711-1720 (XAU=1711-1720) on any technical pullback.

A strong break below 1711 shall mean yet another round of corrective wave whipsaw exposing the key support at 1672-1677 (XAU=1672-1677).

Kindly note these parameters and plan accordingly.

 

REAL-TIME UPDATE TO MEMBERS   -  1st Apr 2021

[Gold June Futures, XAU Update] It's time to review the BIG PICTURE in Gold and also take note of the important technical parameters that shall provide early signs of a meaningful bottom within the current larger degree corrective wave. 

So far, Gold has been following the perfect representative pattern of a corrective wave. Every time Gold reaches the key support, it meanders around the level for several hours, manages to muster a nano-level bounce to the nearest resistance, and then backs out at this first obstacle creating a setup for a new low.

To find a meaningful bottom, Gold will need to accomplish three missions at different degrees -- nano (smallest degree), micro (smaller degree) & macro (larger degree). Each level shall present a resistance that Gold will need to surmount decisively to graduate to the next level. Failure at any mission will push the price action to a new lower low (support) where it shall be presented with the opportunity again.

The three missions are as follows:-

- To accomplish Mission 1, Gold will need to surpass the nano-level local resistance at 1719-1725 (XAU=1719-1725).

- This shall open the gates to Mission 2 which is the micro-level key resistance at 1788-1794 (XAU=1788-1794).

- Accomplishing 2 shall set up a test of the macro-level key resistance at 1817-1830 (XAU=1817-1830) designated as Mission 3.

Gold will need to surmount these resistances and accomplish all three missions to find a meaningful bottom that will help it exit the larger degree corrective wave structure and begin the process of building the next macro-level wave up.

Failure at these missions shall mean another round of corrective wave whipsaw exposing the key support at 1672-1677 (XAU=1672-1677), a break of which shall set up a test of the next key support at 1650-1654 (XAU=1650-1654) followed by the LARGER DEGREE key support at 1622-1637 (XAU=1622-1637).

Intermediate technical levels and any calibration to existing supports & resistances shall be shared in the micro-level updates. Kindly note these parameters to plan accordingly. 


While short-term (intraday, swing) traders have a plethora of reasonable risk/reward opportunities in a larger degree corrective wave by operating from support to resistance and vice-versa, longer-term (positional) investors will need to display abundant patience & resolve during this period. The relentless whipsaws, especially in metals, can be trying and patience remains the key.
 

"Patience is not simply the ability to wait - it's how we behave while we're waiting" - J. Meyer

 

REAL-TIME UPDATE TO MEMBERS   -  19th Mar 2021

[Gold April Futures, XAU Update] Gold has bounced off the key support at 1697-1705 (XAU=1699-1707) shared in the previous update. That said, it will need to surmount the key resistance at 1784-1790 (XAU=1786-1792) (slightly calibrated) decisively to render the bounce MEANINGFUL and begin the process of building a micro-level bullish setup.

Inability to provide a meaningful bounce shall mean a retest of the key support, a break of which shall expose the larger degree key support at 1645-1662 (XAU=1647-1664).

A new local resistance has now formed at 1755-1761 (XAU=1757-1763).
 

 

REAL-TIME UPDATE TO MEMBERS   -  12th Mar 2021

[Gold April Futures, XAU Update] Gold reached the local resistance at 1737-1742 (XAU=1739-1744) earlier today and then pulled back from it.

To have another go at this resistance, Gold will now need to ensure that the current technical pullback does not violate the newly formed local support at 1697-1705 (XAU=1699-1707).

A break below 1697 shall pour cold water on this rebound effort and re-expose the lower key support at 1673-1675 (XAU=1675-1677)(previously local).

Please note that the key resistance has shifted slightly to 1773-1781 (XAU=1775-1783). While Gold has managed to eke out a nano-level bounce, it will need to surmount this key resistance decisively to render the bounce meaningful and begin the process of building a micro-level bullish setup.

Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  9th Mar 2021

[Gold April Futures, XAU Update] Gold has managed to bounce off the local support at 1673-1675 (XAU=1675-1677) (slightly calibrated) after meandering around it for the last several hours.

As elucidated in the previous updates, the bounce shall be regarded as meaningful only if Gold is able to surmount the nearest key resistance at 1759-1767 (XAU=1761-1769). A  local resistance has also formed at 1737-1742 (XAU=1739-1744).


Failure to get past this key resistance shall set up another test of the local support at 1673-1675 (XAU=1675-1677), a break of which shall expose the next larger degree key support at 1645-1662 (XAU=1648-1665).

 

REAL-TIME UPDATE TO MEMBERS   -  1st Mar 2021

[Gold April Futures, XAU Update] Failure to surmount the nearest micro-level resistances has maintained persistent downward pressure on Gold as articulated in the previous updates. Gold has now reached the beginning of a larger degree key support zone, the first of which is at 1702-1718 (XAU=1704-1720).

Gold is currently attempting a bounce off this support. That said, the bounce will need to gain substantial traction and provide a strong decisive break of at least one micro-level key resistance to render itself meaningful and to start off a potential bottoming process. The nearest key resistance is at 1819-1823 (XAU=1821-1825).

Inability to surmount the micro-resistance shall set up another test of the key support at 1702-1718 (XAU=1704-1720), a break of which shall expose the next larger degree key support at 1645-1666 (XAU=1647-1668).

Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  22nd Feb 2021

[Gold April Futures, XAU Update] In line with the previous update (tagged), the downward pressure on Gold pushed it lower to the key support at 1755-1776 (XAU=1756-1777) last week.

While this support has triggered another bounce, Gold has its work cut out and will now face a bunch of micro-resistances in the 1800+ area.

The first obstacle is the local resistance at 1819-1833 (XAU=1820-1834) followed by the key resistance at 1856-1859 (XAU=1857-1860) and 1878-1880 (XAU=1879-1881).

Gold will need to provide a strong decisive break of these micro-level resistances if it is serious about challenging the larger degree hurdles and starting off the bottoming process.

Inability to surmount these micro-resistances shall trigger another round of whipsaw to the key support.

Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  17th Feb 2021

[Gold April Futures, XAU Update] Failure to surpass the micro-level key resistance at 1878-1880 (XAU=1879-1881) a few days back has maintained downward pressure on Gold and brought it back near the key support at 1755-1776 (XAU=1756-1777).

Any bounce invoked off the support region shall now face its first obstacle at the new layer of key resistance at 1856-1859 (XAU=1857-1860).

At a macro-level, Gold continues to remain in a corrective wave within a larger degree bullish setup. The macro-level key supports are at 1702-1718 (XAU=1703-1719) followed by 1645-1666 (XAU= 1646-1667).

For any bottoming process to begin, Gold will need to impart a MEANINGFUL bounce off the support which shall have to work out a decisive break of at least a couple of immediate resistances. Inability to surmount the nearest resistances shall mean a continuation of the corrective wave whipsaw and another test of the key support.

Corrective waves, by their inherent nature, can trigger frequent WHIPSAWS. Hence, it is important to strictly follow key levels discipline in entry & exits

 

REAL-TIME UPDATE TO MEMBERS   -  2nd Feb 2021

[Gold April Futures, XAU Update] Gold has previously bounced off the key support at 1802-1804 (XAU=1800-1802). It will need to operate above this support if it intends to challenge the local resistance at 1878-1880 (XAU=1876-1878) again.

Only a break of this local level shall take the challenge to the BIGGER HURDLES at 1897-1906 (XAU=1895-1904) followed by 1928-1935 (XAU=1926-1933).

Inability to hold above 1802 (XAU=1800) shall shift the focus to the larger degree key support at 1755-1776 (XAU=1753-1774) which has the potential to trigger another bounce.

Corrective waves, by their inherent nature, can trigger frequent whipsaws. Hence, it is important to strictly follow key levels discipline in entry & exits
 

REAL-TIME UPDATE TO MEMBERS  - 26th Jan 2021  

[Gold February Futures, XAU Update] Gold has been whipsawing in a very narrow range over the last few days. The micro-level pattern in Gold has not changed much.  Reiterating the previous update and sharing some smaller degree observations.

While Gold has bounced off the key support at 1797-1810 (XAU=1798-1811), it shall have to work out a meaningful bounce by breaking the key resistance at 1893-1899 (XAU=1894-1900) (slightly calibrated) to pull itself out of the downward pressure.

Zooming into the smallest degree (nano-level) pattern, Gold has formed a local resistance at 1874-1876 (XAU=1875-1877). If Gold can at the very least surpass this local level, it shall improve its chances to challenge the key resistance.

Until the immediate key resistance is taken out, the key supports at 1797-1810 (XAU=1798-1811) followed by 1767-1773 (XAU=1768-1774) remain exposed.

FOMC event tomorrow has the potential to bring volatility in precious metals. Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS  - 19th Jan 2021  

[Gold February Futures, XAU Update] In line with the previous update, Gold did yield to downward pressure and reached the key support at 1797-1810 (XAU=1798-1811) yesterday.

While Gold has bounced off this support, it shall have to work out a meaningful bounce by breaking the newly formed key resistance at 1893-1907 (XAU=1894-1908) to pull itself out of this downward pressure.

Until the immediate resistance is taken out, the key supports at 1797-1810 (XAU=1798-1811) followed by 1767-1773 (XAU=1768-1774) remain exposed.

REAL-TIME UPDATE TO MEMBERS  - 11th Jan 2021  

[Gold February Futures, XAU Update] In line with the last update (tagged), Gold has reached the previously shared key support at 1810-1818 (XAU=1810-1818) and is attempting to bounce off it. 

We have made small adjustments to the micro-pattern and calibrated the immediate key support to 1797-1810 (XAU=1797-1810). Kindly note this change.

If Gold intends to pull itself out of this downward pressure, it shall have to work out a meaningful bounce by breaking the newly formed key resistance at 1893-1907 (XAU=1893-1907). 

Until the immediate resistance is taken out, the key supports at 1797-1810 (XAU=1797-1810) followed by 1767-1773 (XAU=1767-1773) remain exposed.

 

 

REAL-TIME UPDATE TO MEMBERS - 06th Jan 2021  

[Gold February Futures, XAU Update] In line with the previous update (tagged), Gold did reach the target key resistance at 1962-1980 (XAU=1958-1976) earlier today and has receded exactly from it.

To have another go at this resistance, Gold will need to operate above the key support at 1902-1919 (XAU=1898-1915).

Only a strong break below 1902 (XAU=1898) shall weaken the above micro-scenario and expose the next key support at 1848-1858 (XAU=1844-1854).