Gold Weekly Outlook

Markets appeared to steady themselves last week, with risk assets such as the S&P 500 pressing higher and haven assets taking a backseat.

The price of gold extends the series of higher highs and lows from earlier this week to register a fresh record high ($3358).

Gold prices scaled up to another fresh ATH last week and the metal has shown no sign yet that the move is nearing over.

Here's our gold weekly outlook

The price of gold stages a four-week rally as it climbs to a fresh record high ($3087).

Gold is up almost 15% so far in Q1 and given the rally from last year that highlights a massive move from the $2k support that was in-play last February.

The price of gold may reestablish the bullish trend from earlier this year should it track the positive slope in the 50-Day SMA ($2800).

Gold broke an eight-week streak of gains this week with a strong sell-off from Tuesday into Friday. The question now is whether a deeper pullback can appear after one week of weakness.

As we saw with the US equity markets on Friday, markets can go up as well as down, and when sentiment turns, even the mighty gold will not escape a swift sell-off. With gold and the S&P having a positive correlation in recent years, we could see the metal drop should the sell-off continues in the week ahead. So, the short-term gold outlook could easily turn negative if we see the breakdown of some key support levels.

The price of gold seems to be reversing ahead of the record high ($2943) as the Relative Strength Index (RSI) falls back from overbought territory.

Gold prices surged for a sixth-week with XAU/USD hitting fresh record highs. Battle lines drawn on the weekly technical chart as the Trump tariffs stoke trade war fears.