XAUUSD (1336.81): Gold prices edged lower last week after price failed to break out from the resistance level near 1357. Overall, gold prices have formed a rising wedge pattern that suggests an imminent downside breakout. Friday’s price action saw gold prices trading close to the lower trend line. A breakout from this will confirm the downside in gold. The first target comes in at 1303 and a break down below this level could extend gold prices to fall to 1282 – 1274 level. This would also mark a retest of the breakout from the trend line.
: Gold prices edged lower last week after price failed to break out from the resistance level near 1357. Overall, gold prices have formed a rising wedge pattern that suggests an imminent downside breakout. Friday's price action saw gold prices trading close to the lower trend line. A breakout from this will confirm the downside in gold. The first target comes in at 1303 and a break down below this level could extend gold prices to fall to 1282 - 1274 level. This would also mark a retest of the breakout from the trend line.){kind=link}