Gold prices plummeted 5.48% off the record highs registered last month with XAU/USD now testing longer-term trend support. The focus is on a breakout of the weekly / monthly opening-ranges as we head into major event risk early in the month. These are the updated targets and invalidation levels that matter on the XAU/USD short-term technical charts. {chart} Technical Outlook: In last month’s Gold Short-term Price Outlook we noted that, “A rebound off trend support is now approaching near-term, downtrend resistance with the May opening-range set just below- look to the breakout for guidance in the days ahead. From a ... (full story)