Gold Technical Outlook: XAU/USD Breakdown Threatens Deeper Selloff
Gold bears have broken the monthly range, with a daily close below key support threatening another sharp decline toward the yearly lows.
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Gold Technical Outlook: XAU/USD Multi-Timeframe Analysis
Gold price support is under pressure as gold heads for a seventh weekly loss in nine, and a weekly close below the zone would confirm the break. Michael Boutros, StoneX Media Senior Market Analyst, walks through gold's weekly, daily, and intraday charts and the technical zones that define the trend. A weekly close below the confluence of a 78.6% Fibonacci retracement and a trend line from May of last year would validate a break of the October opening range, while a daily close above the monthly open would suggest a more durable near-term low. Beyond the charts, the Federal Reserve rate decision and the core Personal Consumption Expenditures price index release the following day stand out as the next major catalysts for gold.
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--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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