01.10.202416:15 Forex Analysis & Reviews: XAU/USD: Analysis and Forecast

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Today, gold is attracting some buyers during its decline, interrupting a two-day losing streak. However, it remains below the record high reached last week. Hawkish comments from Federal Reserve Chairman Jerome Powell on Monday prompted investors to temper their expectations for aggressive monetary easing. This helped the U.S. dollar continue attracting buyers for the second consecutive day, rebounding from its lowest level since July 2023, which, in turn, is seen as a limiting factor for gold.

Nevertheless, the short-term price bias for the precious metal has shifted in favor of the bulls because the ongoing slowdown in U.S. inflation is likely to allow the Federal Reserve to further cut interest rates. Additionally, the risk of escalating geopolitical tensions in the Middle East continues to support demand for the safe-haven asset. Moreover, hopes that China will bolster physical demand support prospects for additional intraday gains in the XAU/USD pair.

Technical Analysis

From a technical standpoint, the overnight buying interest in the $2,623–$2,624 range confirms support, marked by the short-term resistance of the ascending trend channel, and should serve as a key support level. Some subsequent selling could pull the price of gold down to the round level of $2,600, which, if decisively breached, would open the path for a significant decline in the near term. Prices could then fall to the intermediate support at $2,560 on their way to the $2,532 level.

On the other hand, the current zone where the price is trading offers some resistance before reaching the record high. Beyond this, the next target is the $2,700 level. Breaking through this level would provide fresh impetus for the bulls, setting the stage for the continuation of the multi-month upward trend.

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