Gold Price Forecast: XAU/USD looking for higher highs beyond $2,800

Valeria Bednarik FXStreet

XAU/USD Current price: $2,792.07

The United States grew at a slower-than-anticipated pace in the last quarter of 2024.
The December US Personal Consumption Expenditures Price Index will be out on Friday.
XAU/USD is technically bullish and could surpass the $2,800 mark in the upcoming sessions.

Spot Gold reached a fresh all-time high following the second round of first-tier events, trading as high as $2,798.53 after Wall Street’s opening. The US Dollar (USD) came under selling pressure after the release of tepid growth-related figures.

According to the United States (US) Bureau of Economic Analysis (BEA), the economy grew at an annualized rate of 2.3% in the fourth quarter of 2024, declining from the 3.1% posted in Q3 and missing expectations of 2.6%. The Gross Domestic Product (GDP) report also showed that the GDP Price Index rose by 2.2%, below the expected 2.5%.

Additionally, the core Personal Consumption Expenditures (PCE) Price Index increased by 2.5% on a quarterly basis, matching the market consensus. Finally, the US reported that Initial Jobless Claims for the week ended January 24 improved to 207K from the previous 223K.

Wall Street struggled to digest the news after the Federal Reserve (Fed) kept interest rates on hold on Wednesday and failed to provide fresh clues on the monetary policy direction. Still, after the dust settled, US indexes trimmed most of their early losses and the Dow Jones Industrial Average (DJIA) posts modest gains, while the Nasdaq Composite and the S&P 500 trade a handful of points below their Wednesday’s close.

On Friday, the focus will be on Germany, as the country will release December Retail Sales and the preliminary estimate of the January Harmonized Index of Consumer Prices (HICP). The US will publish the December PCE Price Index, but following the GDP release, the report will not be a surprise; hence, the market will post a limited reaction to the news.

XAU/USD short-term technical outlook

From a technical point of view, the daily chart for XAU/USD shows the bullish momentum is strong enough to anticipate a break through $2,800 in the upcoming sessions. The pair develops well above all its moving averages, with the 20 Simple Moving Average (SMA) accelerating north above the longer ones while providing dynamic support at around $2,710. Technical indicators, in the meantime, resumed their advances within positive levels, approaching overbought readings yet still with room to go.

The XAU/USD 4-hour chart also supports another leg north. Technical indicators maintain their bullish slopes while entering overbought territory. Finally, the bright metal develops above all its moving averages, with the 20 SMA gaining upward traction at around $2,758 while standing well above the 100 and 200 SMAs. The former all-time high at

Support levels: 2,789.90 2,777.40 2,766.05

Resistance levels: 2,800.00 2,812.00 2,825.00

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

AUD/USD turns south toward 0.6900 as USD firms up

AUD/USD sees fresh selling and drops toward 0.6900 in late Asian trading on Monday, as renewed US Dollar strength weighs on the pair amid lingering Middle East and Russia-Ukraine geopolitical tensions. Focus remains on Oil prices, Treasury bond yields, and RBA expectations for fresh trading impetus in the major.

USD/JPY retakes 158.00 amid hawkish BoJ bets, firmer USD

USD/JPY erases losses and retakes 158.00 in the Asian session on Monday, trading within a one-week-old range. Geopolitical uncertainty continues to underpin the US Dollar, despite fading Fed rate hike hopes, supporting the pair's rebound. However, further upside could be capped by hawkish BoJ expectations and looming intervention risks that could support the Japanese Yen.

Gold bulls remain on the sidelines as USD rallies to fresh YTD peak

Gold struggles to capitalize on a modest Asian session uptick, and currently trades just below $4,150, nearly unchanged for the day amid mixed cues. As investors look past Friday's disappointing US jobs data, the US Dollar regains strong positive traction and rallies to a fresh high since April 2025. This is seen as a key factor capping the commodity, though receding bets for an October rate hike by the Federal Reserve help limit the downside.

Dogecoin: ETF inflows and technicals fuel recovery

Dogecoin (DOGE) extends its gains, trading above $0.096 on Monday after finding support around the key support zone last week. Continued inflows into spot DOGE Exchange Traded Funds (ETFs), alongside strengthening derivatives metrics, indicate improving market sentiment. Meanwhile, the constructive technical outlook suggests the meme coin could extend its gains if the key level holds.

Economics week ahead

In the U.S., the September ISM Services index is expected to ease modestly while continuing to signal expansion, with particular attention on whether price pressures remain elevated. In Canada, the labor market likely rebounded in September, although broader trends still point to a cooling pace of employment growth.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.