XAUUSD (Gold price in US Dollars) is trending down from latest quote of $1,271 on April 24th. 2-month support failed around $1,290 on April 18th points near $1,240 for potential bottom before resuming its’ long-term up-trend.
The trade outlook for XAUUSD is buying gold utilizing a grid strategy aiming for an position price average of around $1,250 within 2 months and ultimately targeting resistance at $1,290 within 6 months. Keep in mind the difference between $1,250 and $1,290 is 3.2%.