Gold Technical Outlook: XAU/USD Nears a Defining Breakout
Gold is in consolidation above the yearly low for a seventh-consecutive week, with the next breakout likely to determine the August outlook.
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Gold Technical Outlook: XAU/USD Multi-Timeframe Analysis
Gold price analysis shows the metal coiling in a seven-week range just above its yearly lows as momentum grinds to its weakest since late 2023. Michael Boutros, FOREX.com Senior Market Analyst, breaks down gold across the weekly, daily, and four-hour charts and the fundamentals that could drive its next directional move. Boutros explains why gold has stalled in a tightening consolidation range and what a genuine breakout would take to confirm a more significant low. He also weighs how Federal Reserve rate expectations and the upcoming ADP employment and nonfarm payrolls releases could shape where gold goes next.
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
- 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
- British Pound Short-term Outlook: GBP/USD Breakout Attempts Major Trend Reversal
- US Dollar Short-term Outlook: USD Uptrend Faces Make-or-Break Test After CPI
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on Twitter @MBForex
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