Gold (XAU/USD) Price Forecast: Reversal Signals First Pullback After Record Highs

Core Viewpoint - The gold market is showing signs of potential pullback after a significant rise, indicating a possible consolidation phase ahead [1] Group 1: Price Movement and Trends - Since the breakout to new record highs on September 2, gold has experienced an 11% gain, or $363, over 14 trading sessions [1] - The market may be ready for a deeper pullback or consolidation after this steep rise [1] Group 2: Support Levels - The first potential support area is near this week's low of $3,576, with further key zones at $3,537 (38.2% Fibonacci retracement) and $3,500 (prior record high) [2] - A stronger support zone is identified between $3,451 and $3,439, aligning with the 61.8% retracement at $3,452 and supported by the 20-Day moving average near $3,450 [2] Group 3: Overall Market Outlook - Despite the likelihood of a pullback, the broader outlook for gold remains bullish, with buying interest expected at the 20-Day average [3] - A decisive drop below the 20-Day line would weaken the current bullish structure [3] Group 4: Weekly Closing Significance - The closing price for the week is crucial; a close below last week's high of $3,600 would indicate a failure to confirm the breakout, while a strong close above that level would reinforce the long-term bullish trend [4]