The price of gold appears to be stuck in a narrow range as it pulls back from a fresh weekly high ($2529), but the precious metal may attempt to break out of the range-bound price action as it continues to hold above the 50-Day SMA ($2450).
Gold Price Outlook
The price of gold may continue to threaten the opening range for September should it track the positive slope in the moving average, with a breach above the monthly high ($2529) bringing the $2554 (61.8% Fibonacci extension) to $2565 (161.8% Fibonacci extension) region on the radar.
Next area of interest comes in around $2592 (100% Fibonacci extension) but lack of momentum to hold above $2501 (50% Fibonacci extension) may lead to a test of the monthly low ($2472).
Failure to hold above the moving average may indicate a change in the near-term trend, with a break/close below $2448 (38.2% Fibonacci extension) opening up the $2383 (23.6% Fibonacci extension) to $2396 (78.6% Fibonacci extension) zone.
--- Written by David Song, Strategist at FOREX.com
Gold Price Outlook
The price of gold may continue to threaten the opening range for September should it track the positive slope in the moving average, with a breach above the monthly high ($2529) bringing the $2554 (61.8% Fibonacci extension) to $2565 (161.8% Fibonacci extension) region on the radar.
Next area of interest comes in around $2592 (100% Fibonacci extension) but lack of momentum to hold above $2501 (50% Fibonacci extension) may lead to a test of the monthly low ($2472).
Failure to hold above the moving average may indicate a change in the near-term trend, with a break/close below $2448 (38.2% Fibonacci extension) opening up the $2383 (23.6% Fibonacci extension) to $2396 (78.6% Fibonacci extension) zone.
--- Written by David Song, Strategist at FOREX.com
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