Gold Price Climbs Toward July High
The price of gold climbs toward the July high ($3439) as it stages a three-day rally.
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Gold Price Outlook: XAU/USD
The price of gold climbs toward the July high ($3439) as it stages a three-day rally, but bullion may continue to trade within the June range as the 50-Day SMA ($3343) no longer reflects a positive slope.
Gold Price Climbs Toward July High
The price of gold seems to be defending the rebound from the June low ($3248) as it extends the advance following the US Non-Farm Payrolls (NFP) report, and developments coming out of the US may continue to sway the precious metal as signs of a slowing economy puts pressure on the Federal Reserve to lower interest rates.
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With that said, the price of gold may reestablish the bullish trend from earlier this year as it offers an alternative to fiat-currencies, but the precious metal may track the flattening slope in the moving average if it struggles to retrace the decline from the July high ($3439).
XAU/USD Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; XAU/USD on TradingView
- The price of gold bounces back ahead of the June low ($3248) to carve a series of higher highs and lows, with a breach of the June high ($3451) bringing the April high ($3500) on the radar.
- Next area of interest comes in around $3540 (161.8% Fibonacci extension), but lack of momentum to test the July high ($3439) may keep the price of gold within the June range.
- Lack of momentum to hold above $3370 (161.8% Fibonacci extension) may push the price of gold back toward $3280 (100% Fibonacci extension), with the next area of interest coming in around the July low ($3268).
Additional Market Outlooks
Australian Dollar Forecast: AUD/USD Holds Above June Low
British Pound Forecast: GBP/USD Defends Rebound from May Low
US Dollar Forecast: EUR/USD Bounces Back Ahead of June Low
USD/CHF Trades Above 50 Day SMA for First Time Since February
--- Written by David Song, Senior Strategist
Follow on X at @DavidJSong
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