Gold Price Targets: Weekly Reversal Testing Resistance at Yearly High

• Gold price breakout remains vulnerable sub-1451 – broader outlook constructive above 1350

  黄金价格突破仍然是弱势的1451 - 更广泛的前景建设性高于1350

Gold prices rallied more than 1.4% with the precious metal poised to mark an outside weekly-reversal on the largest single-week advance since the mid-June breakout. Despite the recent surge, gold prices have continued to hold below long-term technical resistance heading into the August open. These are the updated targets and invalidation levels that matter on the XAU/USD weekly price chart heading into the close of the month.

黄金价格上涨超过1.4％，贵金属准备标志着自6月中旬突破以来的单周最大涨幅之外的每周逆转。尽管最近出现了激增，但金价继续保持在8月份开盘前的长期技术阻力位之下。这些是XAU / USD每周价格图表中的更新目标和失效水平，直至月底。

Gold Price Chart - XAU/USD Weekly

黄金价格走势图 - XAU / USD每周

Notes: In my last Gold Weekly PriceOutlook we noted that, “While the broader outlook remains weighted to the topside, Gold prices remain vulnerable for further weakness near-term after reversing off longer-term resistance targets last week at 1451.” Price registered a low this week at 1400 before reversing sharply with the advance once again failing just ahead of the 100% extension of the 2015 advance at 1451 late in the week.

注意：在我的上一个金牌中每周PriceOutlook我们注意到，“虽然更广泛的前景仍然偏向上行，但在上周1451触发长期阻力目标后，黄金价格仍然容易受到近期进一步走软的影响。”本周价格在1400点处于低位。在本周晚些时候的1451年，在2015年预付款100％延长之前，预付款再次失败，并且大幅逆转。

Initial support steady at 1392 backed by 1380 – look for a reaction there IF reached. Broader bullish invalidation keeps at 1350. A topside breach above this threshold is needed to keep the immediate long-bias viable with such a scenario targeting the 50% retracement at 1483 and 1500.

初步支撑位于1392附近，由1380支撑 - 寻找IF到达的反应编辑。更广泛的看涨失效保持在1350.需要高于此阈值的上行突破，以保持即时长期偏见可行，这种情况针对1483和1500的50％回撤。

Bottom line: Gold is testing confluence uptrend resistance yet again- watch the weekly close. IF gold settle this resistance zone, the risk would remain for a larger pullback in price. From a trading standpoint, a good place to reduce long-exposure / raise protective stops. Look for a reaction / pivot off the 75% parallel / 1451 for guidance heading into the August opening-range with a breach needed to mark resumption of the broader uptrend (likely to be an accelerated move if we get it). Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

底线：黄金再次测试汇合阻力位 - 观察周收盘价。如果黄金结算这个阻力区，那么风险仍然会导致价格回落。从交易的角度来看，这是一个减少长时间曝光/提高保护性止损的好地方。寻找75％parallel / 1451的反应/支点以获得进入8月开盘价的指引，需要突破以恢复更广泛的上升趋势（如果我们得到它可能会加速走势）。查看我的最新黄金价格展望，仔细研究近期XAU / USD技术交易水平。

Gold Trader Sentiment (XAU/USD)

黄金交易员情绪（XAU / USD）

• A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +1.96 (66.2% of traders are long) – bearish reading

  IG客户情绪摘要显示交易者为净多头黄金 - 比率为+ 1.96（66.2％的交易者持有） - 看跌读数

• Long positions are 9.1% lower than yesterday and 19.1% lower from last week

  多头头寸比昨天减少9.1％，比上周减少19.1％

• Short positions are 4.2% higher than yesterday and 7.8% higher from last week

  空头头寸比昨天增加4.2％，比上周增加7.8％

• We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week. From a sentiment standpoint, the recent changes in positioning warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.