Weekly XAUUSD Forecast (29/5-2/6)
A potential gold breakdown several times in recent weeks, with the March 21st trend line being the trigger for a short.
XAUUSD closed below that trend line on May 16th.
Gold has since closed below $1,960, which served as support for a few days but failed on Thursday.
Friday retested the level as new resistance, so that will be one to watch next week, as any sustained break above opens up $1,980.
We also have a trend line from early November to keep an eye on near $1,935.
That’s a massive support for bulls as a failure there opens up levels like $1,920, $1,885, and potentially lower.
XAUUSD closed below that trend line on May 16th.
Gold has since closed below $1,960, which served as support for a few days but failed on Thursday.
Friday retested the level as new resistance, so that will be one to watch next week, as any sustained break above opens up $1,980.
We also have a trend line from early November to keep an eye on near $1,935.
That’s a massive support for bulls as a failure there opens up levels like $1,920, $1,885, and potentially lower.