Gold prices collapsed more than 3.8pc this week with XAU/USD on pace for the largest weekly decline since June 2020. The plunge marks the fourth consecutive weekly sell-off and takes price into critical support of a multi-year uptrend extending off the 2018 lows. This is the last line of defense for the bulls and we’re on the lookout for possible price inflection into this key technical zone. Gold is now testing a pivotal level at multi-year trendline support, the last line of defense for the 2018 uptrend- looking for inflection down here. From at trading standpoint, a good zone to reduce short-exposure / lower protective stops – be on the lookout for possible downside exhaustion into this technical confluence with a close above 1791 needed to alleviate immediate downside pressure. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.
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