Gold – Price Action Analysis and Technical Outlook

GOLD PRICE TECHNICAL ANALYSIS
Gold (XAU/USD) dropped on Monday following an unsuccessful endeavor to take out trendline resistance at $2,375 on Friday, with prices slipping back below the $2,350 mark at the start of the new week. Should losses intensify in the days ahead, a potential support zone emerges near May’s low and the 50-day simple moving average around $2,280. Below this area, attention will shift to $2,260.

On the flip side, if bulls regain decisive control of the market and propel prices higher, the first technical hurdle to keep an eye on appears at $2,350, followed by the dynamic trendline discussed earlier, now crossing $2,365. Further upward movement past this point could strengthen buying momentum, laying the groundwork for a rally towards $2,420 and possibly even $2,430.

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GOLD PRICE TECHNICAL CHART