The XAUUSD continued its bearish momentum last week , topped at the 1223 levels and bottomed at the 1163 levels . This development leaves the pair targeting the 1123 levels , a halt is likely , but a cut would open 1075 next , further down will target the psycho level 1000 ..
On the upside , resistance comes at the 1190 levels ahead of the 1228 levels ( main) , sustained breakout – weekly closing – above the 1228 levels will suggest short term bottoming and open the 1285/1307 levels before the next fall..
In all , as long as 1190/1228 resistance holds on a weekly closing basis , outlook in XAUUSD remains on the downside towards the 1123 levels ahead of the 1075 levels , a clear break above the 1228 levels will bring rebound towards to 1285/1307 levels..
Note : sustained breakout below the 1163 levels will accelerate the expected bearish move.