Gold XAUUSD Chart Technical Outlook correcting higher within the right shoulder
Strong selling pressure from $2,450 has resulted in a bearish Outside Candle being posted on the weekly chart. This formation will often indicate the end of a trend and the start of a new downward bias.
Bespoke support is located at $2,333 and $2,276.
Last week’s Marabuzo level (midpoint from the open and close of a strongly negative candle) is located at 2380.
The intraday chart highlights the completion of a bearish Elliott Wave count (five waves), close to the 261.8% extension level of $2,334. We have the projected right shoulder for a bearish Head and Shoulders formation located at $2,372.
Resistance: $2,371 (projected right shoulder), $2,380 (Marabuzo), $2,397 (swing high)
Support: $2,333 (bespoke), $2,325 (swing low), $2,276 (bespoke)
