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 rises on U.S. CPI
16.05.2024
The deceleration in client price inflation has raised the likelihood of a Federal Reserve interest rate reduction, triggering another round of selling in the U.S. dollar, and pushing gold up to $2,396 per ounce. However, the current rise may be used for selling, but first, there may be a growth toward $2410-2430 per ounce.
XAU/USD shows positive sentiment
15.05.2024
The U.S. dollar is again declining across the market spectrum, and gold, against this backdrop, demonstrates a positive sentiment, rising to $2,361 per ounce at the moment. Bulls might aim for the $2,375 resistance, where bears could become active once more. The U.S. inflation data released today could impact the ongoing scenario.
XAU/USD tests support at $2,335 per ounce
14.05.2024
Gold remained under selling pressure yesterday, causing its quotes to decline to support at $2,335 per ounce. Today, the release of the U.S. Producer Price Index could impact the metal's movement: if the Index is strong, gold could break support and drop toward $2,320-2,310, but if it's weak, it could break $2,345 and grow toward $2,360-2,370 per ounce.
XAU/USD is retreating from Friday's high
13.05.2024
Continuing its growth on Friday, gold tested resistance at $2,377 per ounce. However, under selling pressure, its quotes broke $2,360 support and declined to the current $2,350 support. The increase in the precious metal's price happened because the U.S. dollar was weak, without any clear reasons for big buying. Consequently, the price rise could prompt selling and the testing of support at $2,305 per ounce. However, attempts by bulls to retest Friday's high may occur in the short term.
XAU/USD is rising again
10.05.2024
A declining U.S. dollar, influenced by poor U.S. labor market figures, speculation regarding potential interest rate cuts by the Fed, and geopolitical tensions in the Middle East, boosted bullish sentiment in the gold market. This led to gold prices surpassing the resistance level at $2,335 per ounce and reaching $2,369 currently. Bulls may target the $2,400 level, but bear activation is possible on the way to it.
XAU/USD remains in a relatively narrow range
09.05.2024
Without any factors spurring growth, gold prices tested resistance at $2,320 per ounce yesterday but couldn't surpass it. Instead, they fell back to find $2,305 support. In the near future, the consolidation within this range might persist.
XAU/USD unable to break resistance at $2130 per ounce
08.05.2024
Buying gold from support at $2,285 per ounce caused its prices to rise to $2,130 resistance. Bulls' inability to break it maintains the risks of resuming decline and testing the aforementioned support at least. Breaking resistance will lead to a growth toward $2,350 per ounce.
XAU/USD consolidates in a range
07.05.2024
During the period of a declining U.S. dollar, gold, discovering support at $2,290-$2,280 per ounce, climbed to $2,330 resistance. Nevertheless, this resistance continues to hold back the upward pressure exerted by bulls. Progress in Israel's negotiations with Hamas and/or a U.S. dollar rally may lead to gold quotes returning to $2,300 support. Breaking resistance will lead to a growth toward $2,350-2,360 per ounce. In the short term, gold may remain within the current range.
XAU/USD still trades above $2,285 per ounce
03.05.2024
Gold remained under pressure from sellers yesterday, but support at $2,285 per ounce continues to hold. Thus, above this level there are chances to retest the $2,325 resistance. The loss of support will lead to a decline toward $2,270-2,260 per ounce.
XAU/USD is under pressure after recovery
02.05.2024
The decline in the U.S. dollar contributed to the recovery of gold, with its prices finding support at $2,285 per ounce and rising to $2,325 resistance. In general, the outcome of the FOMC meeting didn't bring anything new to the market, so the U.S. dollar's weakness probably won't last long, and gold might drop below $2,300 again. A breakout of resistance will lead to a growth towards $2,345 per ounce.
XAU/USD continues to decline ahead of the FOMC
01.05.2024
As we wait for the U.S. Federal Reserve to decide on interest rates, gold is being sold a lot, making its prices go down from $2,300 per ounce to $2,282. The 200-day MA is situated there, from which bullish attempts to test $2,300-2,320 may occur, which could happen if Jerome Powell hints at an imminent rate cut. Hawkish comments may contribute to further declines toward $2,240-2,220 per ounce.
XAU/USD continues consolidation within a range
30.04.2024
Gold remains unchanged as it awaits the Federal Reserve's decision on the interest rate level. With low volatility, its fluctuations are within the range between $2,320 support and resistance at $2,345/50 per ounce. Risks of a decline to $2,300-2,290 still persist. Breaking resistance will lead to a growth toward $2,370-2,390 per ounce.
XAU/USD is under pressure again after the release of a strong U.S. Consumer Price Index (CPI)
29.04.2024
Gold's recovery was limited by selling interest at $2,350 level. Activation by bears from this level led to a decline to $2,350 support, which they could not break immediately. The rise in the U.S. Consumer Price Index (CPI) virtually rules out the Federal Reserve lowering interest rates at its June meeting, which could lead to a resumption of correction and a decline in metal prices toward the $2,300-2,290 support level. A breakout of resistance at $2,350 will lead to a growth toward $2370-2390 per ounce.
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.
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.