Gold Price Rallies to Fresh Monthly High
The price of gold extends the rally from the start of the week to register a fresh monthly high ($3434).
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Gold Price Outlook: XAU/USD
The price of gold extends the rally from the start of the week to register a fresh monthly high ($3434), and bullion may continue to retrace the decline from the June high ($3451) as it carves a series of higher highs and lows.
Gold Price Rallies to Fresh Monthly High
In turn, gold may reestablish the bullish trend from earlier this year as it breaks out of the range bound price action from last week, and the Relative Strength Index (RSI) may show the bullish momentum gathering pace as it approaches overbought territory.
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With that said, a move above 70 in the RSI is likely to be accompanied by a further rise in gold like the price action from earlier this year, but lack of momentum to push above the June high ($3451) may keep bullion within the April range.
XAU/USD Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; XAU/USD on TradingView
- The price of gold climbs to a fresh monthly high ($3434) as it carves a series of higher highs and lows, with a breach above 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 push above the June high ($3451) may keep the price of gold within the April range.
- Failure to hold above $3370 (161.8% Fibonacci extension) may bring $3280 (100% Fibonacci extension) back on the radar, with the next area of interest coming in around the June low ($3248).
Additional Market Outlooks
Canadian Dollar Forecast: USD/CAD Reverses Ahead of June High
USD/CHF Struggles After Testing Former Support Zone
EUR/USD Coils Ahead of ECB Interest Rate Decision
--- Written by David Song, Senior Strategist
Follow on X at @DavidJSong
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