XAUUSD: Gold Outlook for Next Week

·    May 10, 2024

·      May 10, 2024

·    May 10, 2024

Gold is testing a critical area today that could determine whether we get a pullback next week or a new all-time high.

Watch today’s video for the details, including key levels and my short-term and long-term outlook for XAUUSD.

XAUUSD is up this week, but gold bulls face a significant challenge in the $2,380 region.

I mentioned this descending channel and the potential for this $2,380 retest in yesterday’s VIP-only video.

So far, we’ve seen gold retest that level and get rejected, at least initially.

If XAUUSD closes today below $2,360, it will suggest gold is holding below the level it lost on April 22nd.

That would keep levels like $2,260 exposed.

Alternatively, a sustained break above $2,380 next week would be bullish for gold and open up the recent all-time high.

Trying to short gold has been challenging, and may will see it as an ill-advised move.

And I can’t disagree completely, seeing as how XAUUSD is up 30% since last October.

However, as always, it comes down to your style of trading, risk tolerance, and general view of the market.

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XAUUSD: Gold Outlook for Next Week 2

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