BofA-North American Precious Metals Weekly Gold prices looking for direction；we ask...-20250824

A breakout points gold to a possible price of $3,618/oz

With the gold price having traded in a narrowing range since the April 2025 all-time highof a little over $3,500 per ounce (/oz), we are in search of direction. Technical analysissuggests potential upside to $3,618/oz should the gold price break above $3,420/oz. Wealso examine year to date equity price performance for the North American PreciousMetals sector, and note the large outperformance of the group vs. the S&P 500 Index.We also note that the senior gold producer have broadly outperformed smaller peers.

Gold: Narrowing range needing a breakout (3285-3420)

BofA Technical Strategist, Paul Ciana, recently updated his view on the gold price; seehis report, Technical Advantage: Hole-ding patterns 20-Aug-25. Since spiking to$3,500.10/oz in April 2025, gold prices have traded sideways into a narrowing rangeforming a triangle pattern. Price is now more than halfway through the triangle pattern.Typically, triangle patterns break 61.8-74.6% of the way through, however, due to thenarrowness of this pattern and the number of converging swings behind us, it istempting to chase a breakout if we see one soon. Below 3,285 could lead to a decline to3,132 / 3,050 while above 3,420 could lead to 3,500 / 3,618. Gold technical levels toknow: Support at 3285, 3245, 3132, 3050, 3000; Resistance at 3350, 3420, 3500, 3555,3618 (USD/oz). Earlier this year Our Chief Technical Strategist preferred platinum andsilver over gold and still does.