Gold (XAU/USD) Price Forecast: Climbs to Nine-Day High, Eyes $3,409 Swing Target

Gold Reaches Nine-Day High, Breakout in Focus

Gold surged to a nine-day high on Friday, reaching $3,379. If the metal can close the week above $3,375, an eight-day breakout will be confirmed. The session began with gold weaker, trading below Thursday’s low, but buyers quickly regained control and drove prices above the previous day’s high. That dip completed a retest of support at a lower trendline. At the time of writing, gold remains in the upper third of the day’s range, showing sustained strength.

Falling Wedge Breakout Signals Near-Term Upside

Price action confirmed a breakout of a small falling wedge pattern. The initial target from the wedge points to the start of the pattern at the recent swing high of $3,409. A move through that level may lead to testing resistance along the top boundary of a symmetrical triangle consolidation. Traders should watch how gold reacts near $3,409, as it may either encounter resistance or signal a further upside breakout.

Momentum and Swing High Levels

The current short-term upswing began at the recent swing low (C), suggesting momentum may not yet be strong enough to breach the triangle boundary decisively. A daily close above $3,439 would serve as a more definitive breakout trigger, confirming a sustained bullish move. Until that occurs, any advance should be viewed with caution, as breakouts are prone to failure without follow-through confirmation.

Weekly and Monthly Outlook

A breakout above this week’s high would trigger a weekly reversal and add to bullish momentum for gold. Conversely, a drop below $3,268 would undermine the short-term bullish case. On the monthly chart, gold is positioned to potentially end the period at its highest-ever monthly close. Even without a triangle breakout, such a close would be a strong bullish signal for the medium-term trend.

Key Levels for Traders

Traders should monitor $3,409 as the initial upside target and $3,439 as the confirmed breakout level. Support near $3,268 remains critical to watch for potential downside risk. Until either a clear breakout or a failure occurs, gold is in a decision zone that could define the next major directional move.

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