Gold Selloff Tests Critical Levels As Traders Brace For Bigger Market Shift
Gold plunged more than 6.8% off the monthly high with XAU/USD now approaching pivotal support. A reaction here could determine the next major move.
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Gold Technical Outlook: XAU/USD Approaching Key Technical Hurdle
Michael Boutros, Senior Technical Strategist at FOREX.com, breaks down gold’s sharp selloff as prices approach a critical multi-timeframe support zone. With gold down nearly 7% from its monthly high, the market is testing key levels that could define the next major move. Boutros outlines the technical thresholds to watch as central bank decisions, inflation data, and geopolitical risks add to market volatility.
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.
Review my latest Gold Weekly Forecast and the Gold Short-term Outlook for an in-depth breakdown of the XAU/USD technical trade levels.
Active Short-term Technical Charts
- Australian Dollar Outlook: AUD/USD Surges 5%- Bulls Face Key Resistance Test
- US Dollar Short-term Outlook: USD Snaps 5-Day Losing Streak—Recovery Test Ahead
- British Pound Short-term Outlook: GBP/USD Breakout Faces First Major Test
- Canadian Dollar Short-term Outlook: USD/CAD Plunges to Key Support– Breakdown Risk Builds
- Japanese Yen Short-term Outlook: USD/JPY Tests Trend Support—Breakdown Risk Build
- Swiss Franc Short-term Outlook: USD/CHF Bulls Rejected at Key Resistance
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on Twitter @MBForex
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