The XAUUSD maintained a bearish momentum few weeks ago , topped at the 1315 levels , and bottomed at the 1285 levels .Now pressure will be on the key support 1285….
The XAUUSD will have to hold below the 1285 levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the the 1255 levels , a halt is likely , but losing the 1255 levels on a weekly basis will open 1218 levels, further downside will aim the 1178 levels.
Alternatively , a failure to hold below the 1285 levels on a weekly closing basis could mean a return to the 1300 levels ahead of the 1315 ( main) , a halt is suggested , but break of 1315 on a weekly basis will recapture the 1331 levels , If this resistance is taken out , expect the pair to strengthen further towards the 1354/1392 levels..
In all, as long as resistance 1315 holds on a weekly closing basis , outlook in XAUUSD remains on the downside towards the 1255 levels ahead of the 1218 levels. Break of the 1315 levels on a weekly basis will reverse risks towards the 1331/1355 levels..