The XAUUSD maintained a bearish momentum last week , topped at the 1392 levels and bottomed at the 1320 levels . Now pressure will be on the key support 1320….
The XAUUSD will have to hold below 1320 levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the 1300 levels where a breach will turn focus on the 1280 levels , further down will aim the 1265 levels ahead of the 1240 levels.
On the upside , a failure to hold below the 1320 levels could mean a return to the 1334 levels , further upside will aim the 1360 levels , a clear break would open 1392 levels .
In all , as long as resistance 1360/1392 holds , the XAUUSD will remain based to the downside towards the 1300 levels ahead of the 1280 levels , break of 1392 will reverse risks to the upside towards the 1400/1432 levels.