XAUUSD Chart Technical Outlook moves higher within the BC leg, $2,518 is the prime resistance
Gold has broken out of the ending wedge formation to the downside. The measured move target for this pattern is $2,472.
We are currently assessed as moving higher within the BC leg of a cypher pattern. This is either:
- a butterfly formation that will be completed close to $2,457
- a crab formation that will be completed close to $2,429
The latter is more favorable with bespoke support at $2,432-31.
To the upside, we have various supply zones: $2,507, $2,513, and $2,518. With $2,518 being bespoke resistance, this is my preferred upside barrier.
Resistance: $2,507 (supply), $2,518 (supply, bespoke), $2,529 (swing high)
Support: $2,472 (measured move), $2,457 (butterfly), $2,429 (crab)
