Gold Analysis Today – XAU/USD Support and Resistance
The gold price forecast will be useful to those planning to work with this safe haven asset in the short or long term. An increased interest in gold is being observed against the global stagflation shock and instability, as the gold price has a negative correlation with traditional markets.
Traders Union analysts use methods and instruments of technical analysis to prepare gold price forecasts for today and the following days to save traders time and provide them with an opportunity to adjust their trading strategies accordingly.
Low volatility and smooth price movement without sudden ups or downs makes gold a suitable asset both for professionals and beginners. Short and long-term gold price forecasts will come in handy for those planning to trade in the gold spot market, gold futures, or CFDs. The asset can also be used for diversification of a trader’s investment portfolio to protect capital against inflation risks.
XAU/USD continues consolidation within range
26.04.2024
Gold continues to consolidate within the range between $2,330/35 resistance and support at $2,315/10 per ounce. The publication of weaker-than-expected GDP data in the U.S. was not a reason for either an increase or a decrease in the price of the precious metal. In case of growth of the U.S. RCE index, its quotations may fall to the $2,300-2,390 support. The decline in the index may provoke buying of gold, but the return of its quotations to the maximums at this stage is unlikely.
XAU/USD remains under pressure
25.04.2024
Gold remains under selling pressure, against which bulls cannot break resistance $2,330 per ounce, and bears continue to attempt to break 2,315 support. At this stage, the metal is in a consolidation phase within a downward correction. The trend reversal has not yet been confirmed, but below 2,330, the risks of falling toward $2,295-2,270 per ounce will prevail. Breaking resistance will lead to a growth toward 2,350.
XAU/USD is recovering after decline
24.04.2024
Remaining under selling pressure, gold prices yesterday tested the support level of $2,295 per ounce, after which there was a rebound to 2,330 resistance. A recovery in the metal could be used to sell and test 2,300. Breaking resistance will lead to a growth toward $2,340-2,360 per ounce.
XAU/USD is declining amid liquidation of long positions
23.04.2024
In the absence of escalation in the Middle East, gold bulls lock profits from long positions, resulting in 2,360 support per ounce being broken and support being tested at 2,325. Attempts by bulls to test 2,350-2,360 are possible from there. The loss of support will lead to a decline toward $2,300 per ounce.
XAU/USD is facing pressure amidst profit-taking activities
22.04.2024
On Friday, subsequent to testing the level of $2,416 per ounce, gold prices retreated to $2,375 support. The absence of Iran's response to Israel's strike, coupled with the reinforcement of the U.S. dollar, are contributing to the continuation of liquidation of long positions, leading to the breakout of this support and a decline to $2,355 support. Subsequently, bears may test $2,330-2,325 support, where there may be an attempt by bulls to regain dominance. Breaking $2,375 resistance will lead to a growth toward $2,390-2,395 per ounce.
XAU/USD is consolidating at $2,395 resistance
19.04.2024
Gold maintains a positive outlook, with pullbacks toward the support level of $2,360 per ounce continuing to attract buying interest, while resistance at $2,395 continues to restrain bullish pressure. Consolidation of the precious metal may end with a breakout of resistance and a growth toward $2,430. Losing support will lead to a decline toward $2,330-2,310 per ounce.
XAU/USD is moving away from $2,395 resistance
18.04.2024
Yesterday, gold bulls once again tested resistance at $2,395 per ounce and failed to break it again. Currently, the metal's quotes have retreated to the support level of $2,360. The bulls’ inability to break resistance increases the risks of its breakout and decline to support at $2,330-2,320 at least; breaking resistance will lead to an increase toward $2,420-2,430 per ounce.
XAU/USD is trying to return to highs
17.04.2024
Despite the increasing probability of the Fed not lowering interest rates in June, gold has retained positive sentiment and after a rollback toward the support level of $2,365 per Troy Ounce, its quotes tested the level of $2,397. The persistence of the bulls provides grounds to believe that the gold price could test the resistance level of $2,430, but the failure to break the level of $2,397 will lead to a decline toward $2,340-2,320 per Troy Ounce.
XAU/USD bought back on the decline
16.04.2024
Despite the growth of the U.S. dollar and yields on U.S. government bonds, the decline in the price of gold was limited to the support of around 2325 dollars per ounce, from which its quotations returned to the resistance of 2390. At this stage, the precious metal may enter a consolidation phase and trade within the current range; the failure of the bulls to break through the resistance will increase the risks of losing the nearest support near 2365 and falling back to yesterday's low.
XAU/USD sold after another update of the highs
15.04.2024
Having broken through the resistance around 2365 dollars per ounce, gold bulls tested the level of 2430, where liquidation of long positions was noted, against which the quotes of the metal declined to the support of 2340. Pullbacks can still be used for buying, but in the absence of a direct clash between Israel and Iran, the breakdown of Friday's high is unlikely, and growth attempts can be used for selling. A loss of support would lead to a decline towards $2,300 per ounce.
XAU/USD renews its highs again
12.04.2024
The decline in the producer price index and yields on U.S. government bonds contribute to the resumption of growth in gold prices. Having pushed off from the support around $2,330 per ounce, its quotations have risen to the level of $2,394 at the moment. Prospects remain constructive, but the metal is heavily overbought, and with each move higher the risks of correction grow. In general, its rise in price is explained by purchases by central banks.
USD/ZAR is in demand again
11.04.2024
The acceleration of inflation in the US has boosted the bulls in USD/ZAR pair, as a result of which resistance around 18.65 was broken and 18.84 level was tested so far. Reduced expectations of the US Fed lowering the interest rate at the June meeting may continue to support the dollar and the bulls may next test the resistance around 18.90; loss of the support at 18.73 will lead to a decline towards 18.65.
XAU/USD under pressure after the release of US inflation data
11.04.2024
Against the background of stronger than predicted by the participants of financial markets data on inflation in the U.S. dollar was in demand yesterday, which put pressure on gold and led to a decline in its quotations to the support of 2320 dollars per ounce. Demand for the decline is still there, and with it, the bulls attempt to break through the resistance of 2365, but the risks of correction can be assessed as high. Loss of the current support will lead to a decline in the direction towards 2390-2370 dollars per ounce.
XAU/USD maintains a positive bias
10.04.2024
Gold quotes retain positive dynamics. Having broken through the resistance of nearly 2350 dollars per ounce, they rose to the mark of 2364 after testing, which they declined to the support of 2340. On pullbacks, the metal is being bought back, which preserves the growth potential in the direction of 2380-2400, but given the threat of correction, the bulls should be extremely cautious.
XAU/USD updates the high again
09.04.2024
Gold pullbacks continue to attract buying interest, thanks to which the bulls tested the resistance around 2350 dollars per ounce. The nearest support is marked near the level of 2320, above which there are still chances for growth in the direction of 2360-2370. However, the growth of the precious metal looks excessive, which creates the threat of long liquidation and the development of correction. Loss of support will lead to a decline in the direction of 2300-2270 dollars per ounce.
XAU/USD moves higher, correction risks rise
08.04.2024
Despite the strong U.S. manufacturing employment report, gold bought back from the support around 2270 dollars per ounce on Friday broke through the resistance around 2303 and moved up to 2352. The outlook still looks constructive, but as it moves higher, the risks of a correction are growing, where the nearest target for the bears could be the support of around 2300 dollars per ounce.
XAU/USD unable to break through 2305 dollars per ounce
05.04.2024
Another attempt by gold bulls to break through the 2305 dollars per ounce resistance has attracted selling interest, and this time, bears have broken the 2285/80 support and tested support around the 2270 level. Growth attempts can be used to sell and test 2250 support, which could happen if a strong US jobs report is released; a weak report could help break resistance and rise towards 2320-2330 dollars per ounce, but on the upside, gold could be sold.
XAU/USD continues to set records
04.04.2024
As a result of steady growth, gold quotes reached another high at 2303 dollars per ounce. The pullbacks are still insignificant, which indicates the bulls' full control over the situation and the potential of breaking the high and growth in the direction of 2320-2350; loss of support at 2293 will lead to a decline in the direction of 2270-2260 dollars per ounce.
XAU/USD storms to 2287 dollars per ounce
03.04.2024
Each pullback in gold quotes attracts buying interest at this stage, against which resistance around 2265 dollars per ounce was broken and resistance at 2287 was tested, which is doing well so far. The nearest support is around the 2270 level, above which the chances of testing 2300 remain high; loss of support will lead to a decline towards 2250-2240 dollars per ounce.
XAU/USD was bought back on a pullback to the downside
02.04.2024
The growth of the US dollar on strong statdata contributed to the pullback of gold to the support around 2230 dollars per ounce. Nevertheless, on the decline again noted buying interest, against which the quotes of the metal returned to the resistance 2265, which preserves the chances of its breakdown and growth in the direction of 2280-2300; loss of support 2250 will lead to a decline to the support of 2230 dollars per ounce.
XAU/USD updates highs
01.04.2024
In the conditions of low liquidity, gold quotes managed to break through the resistance around 2200 dollars per ounce and rise to the level of 2265. Here, the bears are trying to take control of the situation but have not yet managed to break through the support at 2245. The prospects of the precious metal after breaking through the historical highs look constructive, but the correction risks have increased significantly. Losing the current support will lead to a decline towards 2220, breaking through the resistance - to growth to 2280-2300 dollars per ounce.
XAU/USD updates highs
29.03.2024
Gold consolidation ended with the breakthrough of resistance near 2200-2220 dollars per ounce and the growth of its quotations up to 2233, where the weekly closing took place. Breaking through the resistance suggests the continuation of growth, where the nearest target of the bulls may be the level of 2250; a loss of 2210 will lead to a decline towards 2180-2160 dollars per ounce.
XAU/USD is in steady demand
28.03.2024
On the background of steady demand, gold quotations rose to the resistance around 2200 dollars per ounce, broke through it, and are currently testing the mark 2215. The chances of breaking through the high at 2220 and growth towards 2240-2250 look high, but we should not rule out profit-taking and the development of a correction in growth.
XAU/USD is testing resistance again
27.03.2024
Having broken through the resistance at 2180 dollars per ounce yesterday, gold quotes tested the resistance at 2200, after which there was a pullback to the support at 2175, having bought from which the bulls are testing the resistance again. Thus, the chances of testing the highs at 2222 remain high; loss of support will lead to a decline towards 2150-2130 dollars per ounce.
XAU/USD is getting more expensive again
26.03.2024
During yesterday's trading session, the gold market participants did not pay attention to the metal trading, and in the conditions of low activity, its quotations tested the resistance around 2180 dollars per ounce, after which they rolled back to the support of 2170. Today, the resistance was broken, and the bulls tested the mark of 2200, after which the metal was under pressure again. In the absence of fresh drivers, a decline to the support around 2180-2170 is possible; a break of the current resistance will lead to a rise to 2210/15 dollars per ounce.
XAU/USD under pressure
25.03.2024
On Friday, the pressure on gold quotes remained, but the support of nearly 2160 dollars per ounce successfully coped with its task. The selling interest is noted around the level of 2175, below which the risks of breaking the support and decline in the direction of 2130-2110 will prevail; passing the resistance will lead to growth in the direction of 2195-2200 dollars per ounce.
XAU/USD under pressure after growth
22.03.2024
Yesterday's attempt of gold bulls to break through the resistance near 2210 dollars per ounce failed, which provoked the liquidation of long positions and the decline of its quotations to the support of 2165. From the current levels, attempts to break through to 2185-2200 are possible; loss of support will lead to a decline towards 2150-2130 dollars per ounce.
XAU/USD is getting more expensive again
21.03.2024
The US Federal Reserve confirmed its intention to lower the interest rate three times this year, which became a reason for buying gold, against which its quotations soared to 2222 dollars per ounce. Currently, they are trying to consolidate above 2200-2195, which will keep the chances of breaking the resistance and growth towards 2250 high. Nevertheless, purchases of metal are carried out mainly by the Central Bank of China, and it is difficult to find objective reasons for the rally, so with each advance above, the risks of correction development grow. Loss of support will lead to a decline towards 2170-2150 dollars per ounce.
XAU/USD in anticipation of the Fed decision
20.03.2024
While waiting for the Fed's decision on the interest rate level, gold continues to consolidate in a narrow range between the support near 2150 and the resistance of 2170 dollars per ounce. According to forecasts, the Fed will leave the interest rate level unchanged, but predictions of its lowering may affect the further dynamics of the metal. The intention to lower in the near term may contribute to growth in the direction of 2180-2200, where sales are possible; otherwise, it is possible to break the support and decline in the direction of 2110-2100 dollars per ounce.
XAU/USD is consolidating in a narrow range
19.03.2024
Ahead of the US Federal Reserve's interest rate decision, gold is trading with a moderately negative bias, having tested support near $2,150 per ounce so far. This support continues to contain the bears' onslaught, with upside attempts limited to 2170 resistance. Before the FOMC consolidation in the current range may continue, the exit from it will indicate the direction of movement in the near term.
Gold price chart
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Gold price forecast: how the price will change in the future
The live chart shows whether the gold price is rising or falling at the moment. But what will happen to the asset in the future: in one day, one week or one month? TU experts prepare the gold price forecast for one week and other periods based on the historical data and current situation in the market. In addition to the forecast based on technical analysis, also fundamental factors of influence need to be taken into account:
- Gold price growth is mostly observed in a tense geopolitical environment, when investors turn to this instrument to hedge risks;
- Toughening of the U.S. monetary policy and its impact on the global market;
- growth in consumer demand for the precious metal in India and China, which could cause the gold price to grow;
- rising inflation expectations, etc.
As a trading asset, gold carries a high significance for international currency markets. It also acts as a guarantor of stability of prices for most commodities, and is considered one of the most reliable forms of government, property and bank guarantees.
FAQ
1
How accurate is the gold price forecast for today?
Gold price forecasts are made by professionals. TU analysts use support/resistance levels,
indicators and other instruments to technical analysis to achieve the most reliable results. In addition, traders are recommended to use the live chart and consider
fundamental factors that could impact the price of the asset.
2
What makes gold a popular trading asset?
Gold is considered a safe haven asset, because its price shows steady growth, is not prone to sharp surges or declines, or high volatility. The demand for gold tends to be higher during periods of economic and political uncertainty.
3
What is gold’s liquidity?
The spot gold price is described as having benchmark
liquidity. It is easy to sell gold at any time, which is why the asset can be considered both for long-term investing and day trading.
4
Is gold trading suitable for beginners?
Considering low volatility and relatively easy predictability,
gold trading is suitable both for experienced and novice traders.