Gold Heads for a Seventh Losing Week in Nine at Key Support

Gold price support is under pressure as gold heads for a seventh weekly loss in nine, and a weekly close below the zone would confirm the break. Michael Boutros, StoneX Media Senior Market Analyst, walks through gold's weekly, daily, and intraday charts and the technical zones that define the trend. A weekly close below the confluence of a 78.6% Fibonacci retracement and a trend line from May of last year would validate a break of the October opening range, while a daily close above the monthly open would suggest a more durable near-term low. Beyond the charts, the Federal Reserve rate decision and the core Personal Consumption Expenditures price index release the following day stand out as the next major catalysts for gold. Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share 00:00 - Gold Tests a Four Week Floor 00:47 - Gold Momentum Divergence Fades 01:20 - Pitchfork Maps the Gold Slide 01:59 - Gold Bulls Need a Daily Close 02:40 - Fed and Core PCE Test Gold 03:16 - Gold's Weekly Close Decides It Like and subscribe for more financial market insights. #Gold #StoneX #MichaelBoutros #FederalReserve --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social