Gold price prediction: XAU holds steady near $3,370 amid bullish momentum
Gold (XAU/USD) is trading around $3,370 in Monday’s session, extending its gains for the second consecutive day. The metal continues to climb within a well-formed ascending channel on the 4-hour chart, with support from the 20-EMA and 50-EMA now rising beneath current price levels.
Highlights
- Gold trades near $3,370 as price extends within ascending channel structure
- Fed and tariff headlines support bullish momentum into early week
- RSI near 63 suggests room for further upside barring breakdown below $3,330
The rebound gained traction after gold cleared short-term resistances near $3,349 and $3,342, reinforcing a near-term bullish stance. The next key test lies at the channel’s upper boundary between $3,400 and $3,420, which could unlock further upside toward $3,460 if broken with strong volume. The move higher has been underpinned by a broadly weaker U.S. dollar and growing anticipation of potential monetary policy shifts.
XAU/USD price dynamics (Source: TradingView)
Fed Governor Christopher Waller reiterated his support for a rate cut later this month, despite some internal resistance at the Federal Reserve. Meanwhile, investors are bracing for additional insights from Fed Chair Jerome Powell and Governor Michelle Bowman this week. Sentiment has also been shaped by U.S. trade policy developments, after Commerce Secretary Howard Lutnick confirmed that the 10 percent baseline tariff on European goods remains firm, with an August 1 deadline looming unless a deal is reached.
Momentum signals favor upside continuation
Momentum indicators support the bullish bias, with the RSI rising to 62.70 and showing consistent higher lows since early July. This suggests strengthening accumulation, particularly if RSI pushes through the 65 level. The breakout above the June-descending trendline has added further confirmation of a technical shift, provided the price remains above $3,330.
Immediate support sits at $3,338 and $3,331, where the 100-EMA and the midline of the channel converge. A breakdown below this zone would expose the price to a retest of $3,295, a level last defended in late June. Until then, buyers are likely to maintain control, especially amid weakening dollar flows and sustained macro uncertainty.
As noted in earlier coverage, gold’s technical structure had been compressing below the $3,350 zone. The current breakout aligns with that earlier analysis and confirms that the yellow metal may now be transitioning into a higher range, with momentum building toward the $3,400–$3,460 band.
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