Weekly Technical Analysis Report 28 June – Gold is playing out slowly with further upside seen this week
1. Last week’s call on Gold
Outlook on XAUUSD: Bullish play seen
Looking at the XAUUSD chart, prices are currently testing a key weekly and daily support area at 1763.14, which lines up with the 61.8% Fibonacci retracement. We could see a bounce from this support zone with 1820.20 as our daily resistance target, in line with the 38.2% Fibonacci retracement. Keeping in mind that the views on the weekly time frame echo a more bullish bias as prices hold well above its trend line, a break above our daily resistance zone at 1820.20 could see more upside in Gold prices.
XAUUSD Charts (Note: Coloured candles represent our projection)
2. This week’s outlook on Gold:
Outlook on XAUUSD: Pullback presents a long opportunity
We maintain our bullish bias on Gold as prices are holding above a key weekly and daily support area at 1763.14 – 1768.80, which lines up with the 78.6% and -27% Fibonacci retracement. A pullback to test this support zone presents an opportunity to play the bounce from here. Keeping in mind that the views on the weekly time frame echo a more bullish bias as prices hold well above its trend line, a break above the H1 resistance at 1794.50 could see more upside in Gold prices.