Gold Price Forecast: XAU/USD Holds Support; Range Break May Come in Gold Market
Gold Price Remains After a Sharp Fall
Gold price has moved up after a steep drop. It now sits above a support zone from $1,493 to $1,540. This support point ties the yearly low with April’s dip, the 2025 high, and the 61.8% pullback level from the October rise. Price rests just above this support and sets the May opening range. A break may soon occur that will shift the price path.
Technical Levels in Gold Trade
• Support Levels:
- Main zone: $1,493–$1,540, linking last year’s low, April’s low, 2025 high, and the 61.8% pullback of October’s gain.
- Other support: Yearly open at $1,319.
- Loss zone: $1,098–$1,112, marked by the yearly low, 52-week average, and October’s high reversal.
• Resistance Levels:
- Near term: A median line just above the current price.
- Tough levels: The record high-week close at $1,894 and the 61.8% pullback from the January drop at $2,025. A steady move above the median line may start a rally toward these resistance levels. A fall below the main support zone may lead to more loss.
Market Events Shaping Gold Trade
Investors watch US inflation data and world events that shape how gold is bought. Soon, US Consumer Price Index and Producer Price Index numbers will show trends in prices and central bank views. Also, talks and news on the Iran situation add risk that can draw safe funds into gold.
Gold Technical View: Trading and Tactics
Michael Boutros, a senior technical strategist, has noted swings from February to May. Gold dropped 7.7% from top levels and then picked up 5.8% off low points. The May opening range now sets a guide for price action.
In trading:
• Losses should stay confined near $1,493 if gold is to rise.
• A week’s close above $1,894 is needed to push the next move upward.
Summary: Gold Market Awaits a Break
Gold price has held above a key support level after a sharp drop and now trades in a narrow range. Soon, US inflation reports and global events from the Middle East may shape gold’s next move. Watching these points, along with weekly closes, will help traders decide if gold will rise or fall.
Tags: gold price, gold market, gold investing, gold bullion, gold news, XAU/USD, technical analysis, CPI, geopolitical risk
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📝 About This Article
This article was generated by Hivebox AI in collaboration with nGRND.
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