Gold Technical Outlook: On the cusp of transforming into a potential multi-week corrective decline

From marketpulse.com

Since our last publication, the price actions of Gold (XAU/USD) have staged the expected up move and rallied by 11%. The bullish impulsive up move sequence surpassed the US$3,084 medium-term resistance highlighted in our prior analysis on 28 March and printed a recent fresh all-time intraday high of US$3,168 on 3 April. However, Gold (XAU/USD) seems to be facing the typical “buy the rumour, sell the news” syndrome. After a recent strong rally in March, where it recorded a monthly gain of 9.3% on the backdrop of stagflation fears, it has failed to have a positive follow-through so far in April. Hence, the ... (full story)