Gold Price Forecast: XAU/USD gains more than 3%, approaches $2,000

Gold price surged on Friday, extending weekly gains to over $100.
New context of lower yields and banking jitters boost gold’s demand.
XAU/USD eye best week in years.

Matías Salord FXStreet

Gold price moved further to the upside during the American sessions, breaking above $1,980. Late on Friday, XAU/USD stands at $1,982 the highest level since April 2022 and on its way to the third-highest weekly close on record.

From the level it had a week ago, the yellow metal is up by 6.3%. A sharp reversal in Treasury yields is driving the rally in Gold price. Bonds are having the week in years. Financial turmoil weighed on monetary policy expectations and the economic outlook.

Next week the Federal Reserve will announce its decision. A 25 basis point rate hike is expected. A few days ago analysts were asking 25 or 50 after US inflation and employment data. The new scenario includes the odds of a pause at the upcoming meeting. Things have changed dramatically, triggering an impressive rally in XAU/USD.

Seen Gold price above $2,000 next week looks likely. Even when price moves consistently to the upside, it makes sharp corrections. In the current context, traders should take extra caution.

Technical levels

XAU/USD

Overview
Today last price	1983.23
Today Daily Change	63.72
Today Daily Change %	3.32
Today daily open	1919.51

Trends
Daily SMA20	1849.04
Daily SMA50	1877.18
Daily SMA100	1820.71
Daily SMA200	1776.37

Levels
Previous Daily High	1933.51
Previous Daily Low	1907.56
Previous Weekly High	1870.09
Previous Weekly Low	1809.46
Previous Monthly High	1959.8
Previous Monthly Low	1804.76
Daily Fibonacci 38.2%	1923.6
Daily Fibonacci 61.8%	1917.47
Daily Pivot Point S1	1906.88
Daily Pivot Point S2	1894.24
Daily Pivot Point S3	1880.93
Daily Pivot Point R1	1932.83
Daily Pivot Point R2	1946.14
Daily Pivot Point R3	1958.78

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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