Gold Price Attempts to Break Out

The price of gold may track the positive slope in the 50-Day SMA ($2031) as it attempts to break out of the range bound price action carried over from last week.

Gold Price Outlook

The price of gold clings to the recent series of higher highs and lows after registering a fresh weekly high ($2056), with a breach above $2076 (78.6% Fibonacci extension) raising the scope for a test of the January high ($2079).

Next area of interest comes in around the December high ($2147), but the price of gold may give back the advance from earlier this week if it struggles to hold above the moving average.

A break/close below the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region may push the price of gold back towards the monthly low ($2002), with the next area of interest coming in around $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension), which incorporates the December low ($1973).