Technical Outlook: In last month's Weekly Gold Price Forecast, we noted that XAU/USD has "consolidated just above the 75% parallel over the past month... For now, the immediate focus is on breaking 2300-2333 range break - losses should be limited to the median so that October's uptrend remains viable with a close above 2431 needed to mark a continuation of the uptrend." The consolidation pattern broke higher the following week with gold prices soaring more than 8.6% from June lows.
Weekly support lies at the target monthly open/highest weekly close for May (HWC) at 2326/33 and is backed by a more significant technical hold at 2278/93 - one area defined by the 23.6% retracement of the broader 2022 advance and the 38.2% Fibonacci retracement of the 2024 annual range. A broken/closed window below this pivot zone would is needed to find a bullish market correction block rather than a return to the median line (currently ~2200).
The key resistance level remains at the record closing high/April High at 2415/31 and a weekly break/close above the upper latitude line (blue) would be needed to mark the continue the uptrend and complete the next big move in price. The next targets point to a 1.618% extension of the October bullish period at 2516 and a 1.618% extension of the 2022 bullish period at 2565.
Weekly support lies at the target monthly open/highest weekly close for May (HWC) at 2326/33 and is backed by a more significant technical hold at 2278/93 - one area defined by the 23.6% retracement of the broader 2022 advance and the 38.2% Fibonacci retracement of the 2024 annual range. A broken/closed window below this pivot zone would is needed to find a bullish market correction block rather than a return to the median line (currently ~2200).
The key resistance level remains at the record closing high/April High at 2415/31 and a weekly break/close above the upper latitude line (blue) would be needed to mark the continue the uptrend and complete the next big move in price. The next targets point to a 1.618% extension of the October bullish period at 2516 and a 1.618% extension of the 2022 bullish period at 2565.
Note
The nearest resistance to watch SELL LIMIT is at:2412-2414
2418-2422
2428-2432
❌❌ Plz Set up FULL TP SL for your Positions ❌❌
Note
Hit entry sell 2412 +280 Pips ✅✅✅
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.