XAUUSD Chart Technical Outlook Gold – technically it is in a very difficult place to trade now. The daily chart would highlight Gold moving lower in the BC leg of a large Bat formation. However, this leg only has to retrace 38.2% of the last rally to be confirmed. That was at $1,952. You really need to see a breakout for the next move. Break above $1,987 the next medium-term target is $2,044. A break below $1,951 and the target is $1,905. I think there are much better products to look at for now.