Gold Technical Outlook: XAU/USD 15% Rally Faces Its First Major Test
Gold has reached a pivotal resistance zone that could determine whether the monthly breakout has further to run. Battle lines drawn on the XAU/USD charts.
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Gold Technical Outlook: XAU/USD Multi-Timeframe Analysis
Gold breakout resistance is now the whole story, with a 14% advance off the lows stalling at a zone where three measures converge. Michael Boutros, Senior Market Analyst at StoneX, walks through gold on the weekly, daily, and four hour charts and shows where the advance is most likely to react. The rally out of a seven week consolidation at the yearly lows has now delivered four higher weeks out of five, running the market straight into a lateral zone where a Fibonacci retracement, the 200 day moving average, and a prior high close all sit together. Daily momentum has been diverging into the most recent high, a condition that leaves the immediate advance vulnerable even while the broader structure stays constructive above the yearly open. Boutros also maps the near term support band, the level that would invalidate the move, and the next lateral levels on a topside resolution.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
Key US Economic Data Releases
Active Short-term Technical Charts
- Gold Price Short-term Outlook: XAU/USD Breakout Faces a Defining Test
- US Dollar Short-term Outlook: USD Correction Pressures Pivotal Support
- Euro Short-term Outlook: EUR/USD Breakout Risk Builds Into Month-End
- Swiss Franc Short-term Outlook: USD/CHF Rally Presses Yearly Trend Resistance
- Canadian Dollar Short-term Outlook: USD/CAD Rebound Challenges the July Downtrend
- Australian Dollar Outlook: AUD/USD Rally Tests Make-or-Break Resistance
- Japanese Yen Short-term Outlook: USD/JPY Defends the Uptrend as the Range Tightens
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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