GOLD XAUUSD Chart Technical Outlook Lower yields push the yellow metal higher
Gold – we are trading higher within a bullish channel formation, trendline resistance is at $2,090. The previous swing high from Dec 27 is located at $2,088.
We witnessed strong buying pressure on Friday with a rally of $50 from the low to the high. This price action has resulted in a Marabuzo support level of $2,060 (Marabuzo is the midpoint of a strongly bullish candle).
The previous swing high of $2,065 from Feb 1, which was resistance now becomes support.
A Crab formation will be completed at $2,016.
Resistance: $2,088 (swing high), $2,090 (channel top), $2,116 (Crab)
Support: $2,065 (swing high), $2,060 (Marabuzo), $2,041 (Feb 23 peak)
