Gold Short-term Outlook: XAU/USD Poised for June Breakout
Gold prices failed at resistance this week with the bulls eyeing support at the yearly uptrend. Levels that matter on the XAU/USD short-term technical charts into June.
Share this:
Gold Technical Outlook: XAU/USD Short-term Trade Levels
- Gold prices rally exhausts into technical resistance- XAU/USD nearly unchanged in May
- XAU/USD bulls eye key support at yearly uptrend- BoC / ECB rate decisions, NFPs on tap
- Resistance 3355/81 (key), 3431, 3500- Support 3272/88, 3210/14, 3132/37
Gold prices are poised to close the week down more than 2% with XAU/USD pulling back from technical resistance. While the risk remains for further losses near-term, the focus into the start of the month is on a possible test of support before resumption of the broader uptrend. Battle lines drawn on the short-term gold technical charts.
Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more. Join live on Monday’s at 8:30am EST.
Gold Price Chart – XAU/USD Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Technical Outlook: In my last Gold Short-term Outlook we noted that XAU/USD had, “responded to key technical support and the first major test of the November uptrend. Risk for exhaustion / price inflection off this mark in the days ahead. From a trading standpoint, the immediate focus is on a breakout of the 3132-3288 range for guidance with the bears vulnerable while above this key support pivot.” Gold broke higher the following week with a rally of more than 7.8% off the monthly low exhausting into confluent resistance this week at 3355/81- a region defined by the 61.8% retracement of the April decline and the record high-day close (HDC). The focus is on this pullback from resistance and the bulls will need to establish a low ahead of pitchfork support (blue) for the broader yearly advance to remain viable.
Gold Price Chart – XAU/USD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Notes: A closer look at gold price action shows XAU/USD trading just above near-term support into the close of the week near the 38.2% retracement of the recent rally / monthly open at 3272/88 with key support at 3210/14- a region defined by the 100% extension of the weekly decline and the 61.8% retracement. Note that the lower parallel converges on this threshold early in the month and a break / close below would be needed to suggest a more significant trend reversal is underway. Subsequent support seen at the 3132/37 and 3018.
A topside breach / close above 3381 would threaten resumption of the broader uptrend towards the record high-close at 2431 and the record high at 3500- look for a larger reaction there IF reached. Subsequent technical objectives eyed at 3600 and the 3666.
Bottom line: A rebound off uptrend support failed into the median-line and the focus is on this near-term pullback. From a trading standpoint, losses should be limited to the lower parallel IF price is heading higher on this stretch with a close above 3381 needed to fuel the next leg of the advance.
Keep in mind we are heading into a new month with the Bank of Canada (BoC) & European Central Bank (ECB) interest rate decisions and U.S. Non-Farm Payrolls on tap next week. Stay nimble into the June opening-range and watch the weekly closes here for guidance. Review my latest Gold Weekly Technical Forecast for a closer look at the longer-term XAU/USD trade levels.
Key Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Japanese Yen Short-term Outlook: USD/JPY Retreats from Resistance
- Canadian Dollar Short-term Outlook: USD/CAD Reversal Risk Builds
- US Dollar Short-term Outlook: USD Reversal Keeps 2025 Downtrend Intact
- British Pound Short-term Outlook: GBP/USD Threatens Major Breakout
- Australian Dollar Short-term Outlook: AUD/USD Breakout Imminent
- Euro Short-term Outlook: EUR/USD Recovery Stalls at Trend Resistance
- Swiss Franc Short-term Outlook: USD/CHF Bulls Tested at Resistance
--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com
Follow Michael on X @MBForex
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/JPY Weekly Outlook: AI earnings could overshadow the Fed and BoJ
AI sentiment has become a major driver of US Treasury yields and USD/JPY. With Microsoft, Alphabet and Amazon reporting this week, central bank decisions may have competition for traders' attention.
Silver forecast: metals liquidation drags XAG/USD into $50-55 support
Silver has broken its July low and slipped into a long-term support zone as the selling in precious metals deepens. The chart shows where the metal could bottom, and next week's Fed decision may decide whether it does.
Australian Dollar Forecast: AUD/USD Support Reversal Sparks Monthly Range Breakout 10 23 2026
A sharp reversal off key support has fueled the AUD/USD recovery, with resistance now in focus ahead of next week’s Fed decision and Australian CPI.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.