XAUUSD (Weekly Chart) : Bullish Bias Above 1240 !

The XAUUSD maintained a bullish momentum last week, bottomed at the 1240 levels, and topped at the 1274 levels. This development leaves the pair targeting the 1289 levels, a halt could be seen, If seen It might return to the 1240 levels, but a break of 1289 on a weekly basis will turn the focus on 1330 ahead of 1362 levels, further out will aim the 1393 levels.

On the downside, main support comes at the 1240 levels, stability above this level will build pressure on the 1289 levels, but losing the 1240 levels on a weekly closing basis will signal short term topping and turn the focus on the 1180 levels, a cut will open 1156 levels.

In all, the XAUSUD is likely to return to its medium-term upside bias with risk towards 1289/1330 levels as long as support 1240 holds on a weekly closing basis, losing the 1240 levels will reverse risks to the downside towards the 1180 levels.

Support & Resistance : 1156 , 1180, 1200  , 1240 (Pivot) , 1289 , 1330 , 1362 , 1393

 

Gold _Weekly Chart_Bullish Bias Above 1240 !

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