empty
24.03.2025 11:25 AM
XAU/USD. Analysis and Forecast

This image is no longer relevant

Today, gold prices remain low but are holding above the psychological level of $3000, which serves as an important support.

News that emerged over the weekend indicates that U.S. President Donald Trump is planning a narrower and more targeted agenda on reciprocal tariffs set to take effect on April 2. This has increased investors' appetite for risk assets, set a positive tone in equity markets, and consequently undermined demand for the precious metal today.

At the same time, U.S. delegations are engaged in talks with Ukrainian officials and are planning meetings with Russian representatives. Earlier this month, Trump and Russian President Vladimir Putin agreed to a 30-day pause in strikes on Ukrainian energy infrastructure, which may help ease tensions in the region.

The U.S. dollar is hovering near a 1.5-week high reached last week.

This image is no longer relevant

However, expectations that economic slowdown caused by tariffs may force the Fed to resume rate cuts are also limiting the downside in gold prices. This creates uncertainty, and it would be prudent to wait for a more significant decline before opening new short positions.

Adding to the uncertainty is the tense situation in the Middle East: Israel continues its strikes on Gaza, while Iran-backed Houthis in Yemen launched a ballistic missile at Israel, though it was successfully intercepted. These developments increase the risk of further conflict escalation in the region.

Today, traders should pay close attention to the release of PMI data, which will provide fresh insight into the state of the U.S. economy and may impact commodities. Also in focus is the U.S. Core PCE Price Index, due to be published on Friday.

From a technical perspective, the $3000 level may attract buyers, but a break below it could trigger technical selling, pushing gold prices down toward the $2980–2978 area. If the correction continues, the next support lies at $2956–2954.

On the other hand, last week's all-time high near $3057–3058 could act as the nearest resistance. Given that the daily RSI has exited overbought territory, renewed buying may become the next trigger for bulls, opening the way for the continuation of the uptrend observed over the past three months.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US Dollar: Weekly Preview

Once again, the dollar will be in the spotlight this week, not only because of the Federal Reserve meeting but also due to political developments in the United States

Chin Zhao 00:38 2025-06-16 UTC+2

British Pound: Weekly Preview

The UK will have at least one report that deserves attention. On Wednesday, the May inflation report will be released. According to market expectations, inflation will slow to 3.4% year-over-year

Chin Zhao 00:38 2025-06-16 UTC+2

Euro Currency: Weekly Preview

The European currency continues to benefit from the weakness of the U.S. dollar, which became fully apparent after Donald Trump returned to the scene. Honestly, discussing how Trump—or the events

Chin Zhao 00:38 2025-06-16 UTC+2

USD/CAD. Analysis and Forecast

The USD/CAD pair is showing a modest recovery from levels below 1.3600, retracing most of the previous day's losses, supported by a rebound in the U.S. dollar. In addition, concerns

Irina Yanina 13:09 2025-06-13 UTC+2

AUD/JPY. Analysis and Forecast

The AUD/JPY pair has been under selling pressure for the third consecutive day, reaching an almost two-week low around 92.30 during Friday's Asian session. After a sharp drop, spot prices

Irina Yanina 12:53 2025-06-13 UTC+2

Israeli Missile Strike on Iran Will Crash Global Markets (I Expect Bitcoin and #NDX to Resume Their Decline After a Local Upward Correction)

As I anticipated, the lack of a broad positive outcome in negotiations between China and the U.S. and renewed inflationary pressure led to a sharp decline in demand for corporate

Pati Gani 10:10 2025-06-13 UTC+2

Greed Will Do the Market No Good

The less you know, the better you sleep. Encouraged by a 21% rally in the S&P 500 from its April lows, the crowd continues to buy the dip—completely unbothered

Marek Petkovich 09:35 2025-06-13 UTC+2

What to Pay Attention to on June 13? A Breakdown of Fundamental Events for Beginners

Several macroeconomic reports are scheduled for Friday, but we doubt that the data will significantly impact traders today—especially today. As a reminder, Donald Trump intends to raise tariffs

Paolo Greco 07:16 2025-06-13 UTC+2

GBP/USD Overview – June 13: The Court Won't Stop Donald Trump!

The GBP/USD currency pair continued its upward movement on Thursday and nearly updated its three-year high. For most of the day, quotes hovered around the 1.36 level

Paolo Greco 03:41 2025-06-13 UTC+2

EUR/USD Overview – June 13: America's Economy Gets Lucky

The EUR/USD currency pair continued its strong upward movement throughout Thursday. Is anyone still puzzled as to why the U.S. dollar keeps falling? From our point of view, the reasons

Paolo Greco 03:41 2025-06-13 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.