GOLD TECHNICAL ANALYSIS

XAUUSD

Monthly;

Xauusd is in a strong down trend and has just broken out the wedge marked by magenta trendlines. Confirmation of resumption of downtrend will be after break  of 1078.40 support zone or otherwise it could be a false break out that can lead to retest of the 1177.86. Confirmed break of the 1078.40 support  zone can cause fall in gold prices to 983.01 zone or even 917.01 zone.

Daily;

The daily trend is now forming an ascending triangle marked by red trendlines. A break above confirmed by break of the immediate magenta trendline resistance can lead to a retest of the 1131.78 resistance zone. A break lower confirmed by break of the 1078.40 support zone can lead to resumption of the downtrend to 983.01 support zone