Gold Price Forecast: $4,250–$4,530 Range Defines Next Move
XAU/USD Consolidates Between Key Moving Averages
The daily chart for spot gold shows that the price has been consolidating between the 50- and 200-day SMAs, between $4,530 and $4,250. A break of either level may define the next move in the gold market. A break below $4,250 will open the way to $4,000. This level is the strong long-term support in the gold market.
On the other hand, a break above $4,530 will indicate a strong move toward the $5,000 level. The RSI remains above the midline, which points to positive price action in the short term. However, the strong jobs data has pushed the U.S. dollar index higher, which keeps gold rallies limited.