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  GOLD TECHNICAL PRICE FORECAST:XAU/USD WEEKLY TRADE LEVELS Gold price updated trade levels - Weekly Technical Chart XAU/ USD  rally off trend support marks fourth week– now testing downtrend resistance Silver  recovery testing key downtrend resistance – August opening-range in focus Get started with this Free  How to Trade Gold -Beginners Guide s Gold prices  have rallied more than 7.5% off the yearly lows with XAU/ USD  attempting to mark a fourth consecutive weekly advance. The rebound off downtrend support is now testing downtrend resistance and we’re looking for a pivot off this zone in the days ahead for guidance. Similarly, silver is testing a key resistance zone and battle lines are drawn heading into the start of the week.  These are the updated targets and invalidation levels that matter on the XAU/ USD  and XAG/USD weekly technical price charts. Review my latest  Weekly Strategy Webinar for an in-depth breakdown of this  gold ...

  AUD/ USD   gained over the past week as the US Dollar took a hit from inflation data coming in not as hot as anticipated. It has broken the topside of a three-week range. The weaker USD helped commodity prices move north with the notable exception of  gold . A higher US real yield appeared to undermine the precious metal. Industrial metals drifted higher, but it was agricultural commodities that got the extra boost from drought conditions across Europe and North America impacting prices. This has the potential to compound the impact of the Ukraine war on food supply globally. There was little Australian data during the week, but the focus was on Chinese and US inflation figures. Year-on-year Chinese CPI to the end of July came in slightly lower than expected at 2.7%, instead of 2.9% and 2.5% previously. PPI over the same period saw a similar result, printing at 4.2% rather than 4.9% anticipated and 6.1% prior. The effects of rolling Covid-19 lockdowns across large comme...