Summary: Gold holds above $2320 support. Break above $2380 may trigger bullish continuation. Short-term trading strategy with key levels.




# Gold Price Forecast: XAUUSD Holds Key Support at $2320

Gold (XAUUSD) traded in a tight range last week, respecting the key support zone near $2320. The daily chart shows a potential bullish consolidation pattern, but upside remains capped by the $2380 resistance.

Technical Outlook



On the 4-hour chart, price action formed a descending broadening wedge. A breakout above $2365 would open the door toward $2380. Failure to hold $2320 could trigger a decline to $2300 and then $2285.

Key levels this week:
  • Support: $2320, $2300, $2285

  • Resistance: $2365, $2380, $2400


    • Trading Strategy



  • Bullish scenario: Enter long above $2365, targeting $2380 and $2400. Stop loss below $2345.

  • Bearish scenario: Short below $2320, targeting $2300 and $2285. Stop loss above $2335.


    • Momentum indicators are mixed. RSI at 48 suggests neutral strength. The 50-period SMA slopes downward, confirming near-term pressure.

    Fundamental Context



    Last week's US PCE data came in line with expectations. Markets now price a 65% chance of a September Fed rate cut. Lower US real yields remain supportive for gold in the medium term.

    Conclusion



    Gold is at a decision point. A weekly close above $2380 would confirm bullish continuation. Below $2320, downside risks increase.

    Reference: TradingView daily chart data, Reuters US PCE report May 31 2026.