Gold price technical outlook:
The short-term outlook for Gold remains unclear. While the rebound on Friday alleviated some bearish pressure, Gold is still below the 20-week Simple Moving Average (SMA), although it has managed to stay above $1,900. If the recovery continues, XAU/USD could potentially extend towards the $1,950 area, which presents a strong barrrier. A weekly close above $1,950 would indicate a positive development, suggesting further upside potential. Conversely, a drop below $1,910 would hint at further weakness, with the following key support at $1,880. A break below that level could target the $1,860 zone.
Friday's upward momentum could persist in the shourt term and intensify if Gold breaks above $1,950. On the other hand, the $1,900 area remains a key threshold, and a downside break could lead to a test of August lows.
The short-term outlook for Gold remains unclear. While the rebound on Friday alleviated some bearish pressure, Gold is still below the 20-week Simple Moving Average (SMA), although it has managed to stay above $1,900. If the recovery continues, XAU/USD could potentially extend towards the $1,950 area, which presents a strong barrrier. A weekly close above $1,950 would indicate a positive development, suggesting further upside potential. Conversely, a drop below $1,910 would hint at further weakness, with the following key support at $1,880. A break below that level could target the $1,860 zone.
Friday's upward momentum could persist in the shourt term and intensify if Gold breaks above $1,950. On the other hand, the $1,900 area remains a key threshold, and a downside break could lead to a test of August lows.