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Gold Price Forecast – XAU/USD Could Get Put to the Test This Week

Gold Price Forecast – XAU/USD Could Get Put to the Test This Week

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Gold Price Technical Outlook:

  • Gold weakness to May 2019 trend-line would be a good test
  • 200-day has been a difficult spot to overcome near-term
  • FOMC meeting may get things moving with a clearer trading bias
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Gold Price Forecast – Could Get Put to the Test Week

Next week’s FOMC meeting may help gold determine a clearer trading bias. Right now gold is sagging a bit and seen as potentially accelerating lower. But not too far below is a trend-line from May 2019, which if tested may present us with a clearer trading bias.

The trend-line has quite a bit of meaning given its length and recent test and hold. A decline and turn off the line could offer up a trade to the upside with good risk/reward, whether you are a short-term trader or someone looking at the potential for a big-picture rally.

If gold doesn’t hold the trend-line and 1750, then a larger move to the spring lows at 1676 could develop. This move would significantly undermine the broader outlook.

On the flip-side, should gold continue to hold around where it is, it will need to climb back above the 200-day MA and recent high at 1834 to turn bullish. Breaking out above that level would present a higher-high and a path towards the trend-line off the August high, currently situated around the 1880 level.

All-in-all, gold is in limbo in the immediate future, but with important levels on both the top and bottom-side and a catalyst (FOMC meeting), we could soon have a sturdy trading bias.


Gold Price Daily Chart

Gold Chart

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.