Gold Price Stages Five-Day Rally for First Time Since March
The price of gold trades back above the 50-Day SMA ($2664) as it stages a five-day rally for the first time since March.
Written by
David Song
Strategist
Gold Price Outlook: XAU/USD
The price of gold trades back above the 50-Day SMA ($2664) as it stages a five-day rally for the first time since March.
Gold Price Stages Five-Day Rally for First Time Since March
The price of gold trades to a fresh weekly high ($2712) as it carves a series of higher highs and lows, and bullion may once again track the positive slope in the moving average as it attempts to retrace the decline following the US election.
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With that said, the price of gold may climb back towards the monthly high ($2762) as it extends the advance from the start of the week, but bullion may consolidate over the remainder of the month if it struggles to extend the bullish price series.
XAU/USD Price Chart – Daily
Chart Prepared by David Song, Strategist; XAU/USD on TradingView
- Recent price action in gold raises the scope for a further recovery, with a break/close $2730 (100% Fibonacci extension) bringing the monthly high ($2762) on the radar.
- A breach above the yearly high ($2790) opens up $2850 (61.8% Fibonacci extension) but failure to break/close $2730 (100% Fibonacci extension) may keep the price of gold within the monthly range.
- Lack of momentum to hold above the $2630 (78.6% Fibonacci extension) to $2660 (23.6% Fibonacci extension) region may push the price of gold back towards $2590 (100% Fibonacci extension), with the next area of interest coming in around $2550 (61.8% Fibonacci extension).
Additional Market Outlooks
GBP/USD Selloff Pushes RSI Up Against Oversold Zone
USD/JPY Weakness Curbs Threat of Currency Intervention
US Dollar Forecast: AUD/USD Recovery Keeps Yearly Range Intact
USD/CAD Rally Unravels to Pull RSI Back from Overbought Zone
--- Written by David Song, Senior Strategist
Follow on X at @DavidJSong
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