Gold Price Forecast: XAU/USD Halts Eight-Week Rally

Gold Price Outlook: XAU/USD

The price of gold halts an eight-week rally as it continues to pull back from a record high ($2956).

Gold Price Forecast: XAU/USD Halts Eight-Week Rally

The price of gold starts to carve a series of lower highs and lows as it slips to a fresh weekly low ($2833), with the recent weakness in bullion pushing the Relative Strength Index (RSI) to its lowest level since December.

Join David Song for the Weekly Fundamental Market Outlook webinar.

David provides a market overview and takes questions in real-time. Register Here

In turn, the price of gold may fall towards the 50-Day SMA ($2770) should it continue to give back the advance from the February low ($2772), but the decline may turn out to be temporary if bullion respond to the positive slope in the moving average.

With that said, the price of gold may reestablish the upward trend from earlier this year as it continues to offer an alternative to fiat currencies, but the RSI may approach oversold territory should the bearish price series persist.

XAU/USD Price Chart – Daily

Chart Prepared by David Song, Senior Strategist; XAU/USD on TradingView

The price of gold may face a further decline as it carves a series of lower highs and lows, and a break/close below $2790 (50% Fibonacci extension) may lead to a test of the February low ($2772).
Failure to hold above the 50-Day SMA ($2770) may push the price of gold towards $2730 (38.2% Fibonacci extension), but the recent weakness in bullion may turn out to be temporary should it track the positive slope in the moving average.
Need a move back above $2850 (61.8% Fibonacci extension) to bring $2940 (78.6% Fibonacci extension) on the radar, with a breach above the February high ($2956) opening up $3000 (161.8% Fibonacci extension).

Additional Market Outlooks

US Dollar Forecast: USD/JPY Rebound Retrained by Slowdown in US PCE

AUD/USD Negates Ascending Channel amid Five-Day Selloff

Canadian Dollar Forecast: USD/CAD Jumps with Trump Tariffs to Hit in April

GBP/USD Climbs to Fresh Monthly High to Approach Channel Resistance

--- Written by David Song, Senior Strategist

Follow on X at @DavidJSong

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

FOREX.com is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment and CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.forex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.forex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 42.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

Delayed London Stock Exchange (LSE) Data

The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.