Gold Price Forecast: XAU/USD eases towards $3,330 ahead of fresh clues
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UPGRADEXAU/USD Current price: $3,333.31
- The Federal Open Market Committee will release the Fed Minutes on Wednesday.
- A potential peace agreement between Russia and Ukraine keeps markets waiting.
- XAU/USD gains downward traction and nears an intraday low of $3,323.
A firmer US Dollar (USD) puts pressure on Gold prices at the beginning of the week. The XAU/USD pair approaches $3,330 early in the American session, down from an intraday peak of $3,358.45. Political uncertainty undermines the mood on Monday, with investors looking at developments around the Russia-Ukraine war.
On Friday, United States (US) President Donald Trump met with Russian leader Vladimir Putin to discuss a potential ceasefire between Moscow and Kyiv. The meeting ended without an agreement, although Trump shared on social media over the weekend that the war could end if Ukrainian President Volodymyr Zelenskyy decides not to go into the North Atlantic Treaty Organization (NATO).
Trump and Zelenskyy are having a meeting later today in Washington, with the focus on a more sustainable peace agreement and not just a ceasefire.
Other than that, investors have little to worry about in the upcoming days. The Federal Open Market Committee (FOMC) will release the Minutes of the latest Federal Reserve (Fed) meeting on Wednesday, and may provide market players with some fresh clues on monetary policy. Additionally, the Kansas Fed will host its annual Jackson Hole meeting by the end of the week, with speeches from central banks’ leaders taking centre stage.
XAU/USD short-term technical outlook
From a technical point of view, the daily chart for the XAU/USD pair shows it’s trading little changed on a daily basis, although the intraday range is wider than that of Friday. At the same time, a directionless 20 Simple Moving Average (SMA) provides dynamic resistance at around $3,352, while the longer moving averages maintain their bullish slopes below the current level. The 100 SMA, in fact, acts as support at around $3,307.10. Finally, technical indicators turned modestly lower within neutral territory, suggesting sellers hold the grip but falling short of anticipating another leg lower.
The 4-hour chart shows that XAU/USD aims to retest an early low at $3,323.60, with an increased bearish potential. The pair is currently trading below all its moving averages, which converge in a tight range in the $3,348 price zone. At the same time, technical indicators develop below their midlines with neutral-to-bearish slopes, in line with lower lows ahead.
Support levels: 3,323.60 3,307.10 3,295.80
Resistance levels: 3,352.00 3,372.30 3,389.85
XAU/USD Current price: $3,333.31
- The Federal Open Market Committee will release the Fed Minutes on Wednesday.
- A potential peace agreement between Russia and Ukraine keeps markets waiting.
- XAU/USD gains downward traction and nears an intraday low of $3,323.
A firmer US Dollar (USD) puts pressure on Gold prices at the beginning of the week. The XAU/USD pair approaches $3,330 early in the American session, down from an intraday peak of $3,358.45. Political uncertainty undermines the mood on Monday, with investors looking at developments around the Russia-Ukraine war.
On Friday, United States (US) President Donald Trump met with Russian leader Vladimir Putin to discuss a potential ceasefire between Moscow and Kyiv. The meeting ended without an agreement, although Trump shared on social media over the weekend that the war could end if Ukrainian President Volodymyr Zelenskyy decides not to go into the North Atlantic Treaty Organization (NATO).
Trump and Zelenskyy are having a meeting later today in Washington, with the focus on a more sustainable peace agreement and not just a ceasefire.
Other than that, investors have little to worry about in the upcoming days. The Federal Open Market Committee (FOMC) will release the Minutes of the latest Federal Reserve (Fed) meeting on Wednesday, and may provide market players with some fresh clues on monetary policy. Additionally, the Kansas Fed will host its annual Jackson Hole meeting by the end of the week, with speeches from central banks’ leaders taking centre stage.
XAU/USD short-term technical outlook
From a technical point of view, the daily chart for the XAU/USD pair shows it’s trading little changed on a daily basis, although the intraday range is wider than that of Friday. At the same time, a directionless 20 Simple Moving Average (SMA) provides dynamic resistance at around $3,352, while the longer moving averages maintain their bullish slopes below the current level. The 100 SMA, in fact, acts as support at around $3,307.10. Finally, technical indicators turned modestly lower within neutral territory, suggesting sellers hold the grip but falling short of anticipating another leg lower.
The 4-hour chart shows that XAU/USD aims to retest an early low at $3,323.60, with an increased bearish potential. The pair is currently trading below all its moving averages, which converge in a tight range in the $3,348 price zone. At the same time, technical indicators develop below their midlines with neutral-to-bearish slopes, in line with lower lows ahead.
Support levels: 3,323.60 3,307.10 3,295.80
Resistance levels: 3,352.00 3,372.30 3,389.85
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