Gold Price Breakout Eyes May High
The price of gold may attempt to retrace the decline from the May high ($2450) as it breaks out of the range bound price action from earlier this week.
Gold Price Outlook
The price of gold trades back above the 50-Day SMA ($2341) as it climbs to a fresh weekly high ($2379), with a break/close above the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region bringing $2448 (38.2% Fibonacci extension) on the radar.
A breach above the May high ($2450) opens up $2501 (50% Fibonacci extension), but the price of gold may hold within last month’s range if it no longer responds to the positive slope in the moving average.
Failure to defend the monthly low ($2315) may push the price of gold towards $2286 (100% Fibonacci extension), with the next area of interest coming in around the May low ($2277).
--- Written by David Song, Strategist at FOREX.com
Gold Price Outlook
The price of gold trades back above the 50-Day SMA ($2341) as it climbs to a fresh weekly high ($2379), with a break/close above the $2363 (161.8% Fibonacci extension) to $2396 (78.6% Fibonacci extension) region bringing $2448 (38.2% Fibonacci extension) on the radar.
A breach above the May high ($2450) opens up $2501 (50% Fibonacci extension), but the price of gold may hold within last month’s range if it no longer responds to the positive slope in the moving average.
Failure to defend the monthly low ($2315) may push the price of gold towards $2286 (100% Fibonacci extension), with the next area of interest coming in around the May low ($2277).
--- Written by David Song, Strategist at FOREX.com
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