Gold Price Forecast: XAU/USD remains focused on all-time highs

Gold prices orbited around $2,700 as investors assessed Trump 2.0.
The Greenback suffered the strong rebound in the risk-linked galaxy.
The Fed is largely expected to keep rates unchanged in January.

Pablo Piovano FXStreet

Gold prices (XAU/USD) continued their bullish momentum near the $2,700 mark at the start of the week, amid thin trading conditions due to Martin Luther King Jr. Day and heightened anticipation ahead of President Trump’s Inauguration Day.

The US Dollar (USD) weakened throughout Monday’s session as investors adopted a risk-on approach in anticipation of Donald Trump beginning his second term as President.

Looking ahead, developments surrounding the White House are expected to dominate the immediate market focus during a week light on significant data releases. Meanwhile, attention is gradually shifting toward the January 28–29 FOMC meeting, where the Federal Reserve is widely expected to keep interest rates unchanged.

XAU/USD short-term technical outlook

Gold's next major upward target is $2,724, the 2025 peak reached on January 16. Just beyond that lie the December high of $2,726 (December 12) and the all-time top of $2,790 set on October 31. If prices break these levels, Fibonacci projections suggest potential new milestones at $3,009, $3,123, and $3,288.

On the downside, immediate support stands at the monthly low of $2,582 from December 19, seconded by $2,536, the November low (November 14), and the critical 200-day simple moving average at $2,511. A deeper pullback might retest $2,471, the September low (September 4). Beyond that, $2,353 (the weekly low from July 25) and $2,286 (the June low from June 7) could come into play.

If gold prices breach this lower region, the May low of $2,277 (May 3) might resurface on traders' radar, followed by the weekly low of $2,146 (March 18). The ultimate downside target for now remains the 2024 bottom of $1,984, recorded on February 14.

Gold daily chart

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Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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