Gold Price Forecast: XAU/USD unstoppable bullish run extends past $4,100
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEXAU/USD Current price: $4,143.38
- Federal Reserve Chair Jerome Powell delivered some dovish remarks, weighing on the US Dollar.
- The United States government shutdown and China-US trade tensions undermine the mood.
- XAU/USD met intraday buyers around $4,090, gears up for higher highs.
Spot Gold reached $4,179.76 a troy ounce on Tuesday, a fresh record high. The XAU/USD pair currently hovers in the 4,140 region, holding on to solid intraday gains amid risk aversion taking over financial boards. Concerns revolve around the United States (US), as on the one hand, the federal government remains shut down amid the lack of funding. On the other hand, fresh trade tensions between the US and China seem to have been interrupted, and threats of reciprocal levies resumed.
The US Dollar (USD) was able to advance throughout the first half of the day, but not versus the bright metal. It changed course after Wall Street’s opening, as US indexes trade in positive territory, shrugging off concerns and limiting Gold’s gains.
Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell spoke about the economic outlook and monetary policy at the National Association for Business Economics (NABE) conference in Philadelphia, adding to the USD weakness in the American session.
Among other things, Powell noted that right now there is no risk-free path for monetary policy and that decisions will be driven by data and risk assessments. Additionally, he said that there is a risk that the slow pass-through of tariffs starts to look like persistent inflation, and that the labour market has demonstrated significant downside risk.
XAU/USD short-term technical outlook
The XAU/USD pair is extremely overbought in the daily chart, but still bullish. Technical indicators maintain their strong upward slopes within overbought levels, without signs of exhaustion. At the same time, the pair advances far beyond bullish moving averages, which reflect the ongoing persistent demand. The 20 Simple Moving Average (SMA) currently stands at $3,863.90.
In the near term, and according to the 4-hour chart, XAU/USD has scope to extend its advance. The pair met intraday buyers in the $4,090 area, while developing above all bullish moving averages. At the same time, the Momentum indicator resumed its advance after correcting extreme readings, while the Relative Strength Index (RSI) indicator currently consolidates around 66, also supporting the bullish case.
Support levels: 4,123.20 4,090.00 4,078.10
Resistance levels: 4,155.30 4,180.00 4,200.00
XAU/USD Current price: $4,143.38
- Federal Reserve Chair Jerome Powell delivered some dovish remarks, weighing on the US Dollar.
- The United States government shutdown and China-US trade tensions undermine the mood.
- XAU/USD met intraday buyers around $4,090, gears up for higher highs.
Spot Gold reached $4,179.76 a troy ounce on Tuesday, a fresh record high. The XAU/USD pair currently hovers in the 4,140 region, holding on to solid intraday gains amid risk aversion taking over financial boards. Concerns revolve around the United States (US), as on the one hand, the federal government remains shut down amid the lack of funding. On the other hand, fresh trade tensions between the US and China seem to have been interrupted, and threats of reciprocal levies resumed.
The US Dollar (USD) was able to advance throughout the first half of the day, but not versus the bright metal. It changed course after Wall Street’s opening, as US indexes trade in positive territory, shrugging off concerns and limiting Gold’s gains.
Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell spoke about the economic outlook and monetary policy at the National Association for Business Economics (NABE) conference in Philadelphia, adding to the USD weakness in the American session.
Among other things, Powell noted that right now there is no risk-free path for monetary policy and that decisions will be driven by data and risk assessments. Additionally, he said that there is a risk that the slow pass-through of tariffs starts to look like persistent inflation, and that the labour market has demonstrated significant downside risk.
XAU/USD short-term technical outlook
The XAU/USD pair is extremely overbought in the daily chart, but still bullish. Technical indicators maintain their strong upward slopes within overbought levels, without signs of exhaustion. At the same time, the pair advances far beyond bullish moving averages, which reflect the ongoing persistent demand. The 20 Simple Moving Average (SMA) currently stands at $3,863.90.
In the near term, and according to the 4-hour chart, XAU/USD has scope to extend its advance. The pair met intraday buyers in the $4,090 area, while developing above all bullish moving averages. At the same time, the Momentum indicator resumed its advance after correcting extreme readings, while the Relative Strength Index (RSI) indicator currently consolidates around 66, also supporting the bullish case.
Support levels: 4,123.20 4,090.00 4,078.10
Resistance levels: 4,155.30 4,180.00 4,200.00
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.