XAU USD

Gold bulls have been back at work so far in 2025 trade but to this point, they haven’t been able to push for a test of the 2800 handle in spot XAU/USD.

Since the beginning of 2025, bullish movements have driven gold to increase by more than 5% of its total value, once again approaching its historical high near the $2,780 per troy ounce level.

Gold prices responded to technical resistance with the Trump inauguration rally at risk after a four-week advance. Battle lines drawn on the XAU/USD short-term charts.

Gold has been on a rapid recovery since the Q4 pullback and that move is now testing a level that bulls had difficulty sustaining above back in October.

Bond yields are unlikely to fall back significantly in the near-term, even if we see a small miss in US inflation data today. This should keep the upside limited for gold. Therefore, we are still quite cautious when it comes to near-term gold outlook, even if we ultimately expect to see gold rising to $3,000 later this year.

Last week I warned that gold’s gains appeared dubious, and that they could sucker-punch bulls. And it seems they did. And while I suspect another leg or two lower, we could find its downside limited when we weigh up the supporting factors for gold.

While I am bullish on gold in the long-term, I think it is due for a potential correction in the near-term outlook, as rising yields continue to increase the opportunity cost of holding the metal over the “risk free” government debt. So, my near-term gold forecast is leaning more bearish.

Gold prices marked a second weekly rally with a rebound off support now within striking distance of resistance. Battle lines drawn on the XAU/USD weekly technical chart.

Gold consolidation continues. The metal rallied all the way up to the 2721 resistance and even set a fresh monthly high. But that’s when the rally stopped, and bears jumped back in.

Gold bulls have pressed the trend over the past week and a big spot sits overhead, plotted $100 above last week’s range support.

Gold prices have shown a 6% growth since November, reaching the $2,700 per troy ounce level once again.

Gold prices (XAU/USD) have been range-bound recently, following a pullback from record highs in late October. This decline ended a nine-month winning streak, with November closing in the red. Some investors anticipate a more significant correction before re-entering the market, leading to a cautious short-term gold outlook.

Gold prices were on fire earlier in the year and then took a step back after the Presidential election. But for the past two weeks gold markets have been in a consistent range-bound backdrop.

Gold prices are trading just 5% off the record high with the December range taking shape above uptrend support. Battle lines drawn on the XAU/USD weekly technical chart.

After falling a big 3% last Monday, gold has been trading in tight ranges since, holding mostly within that day’s range. In other words, it hasn’t fallen any further, although it has also made little upside progress.

Gold just finished its worst month in more than a year, and Bitcoin was a big beneficiary as anti-fiat flows drove into crypto-currencies following the Presidential election win of Donald Trump.

Gold has found some relief from a weaker US dollar and lower yields in the last couple of days, but it could come under renewed pressure as the greenback’s weakness could be temporary, while easing Middle East tension owing to the ceasefire agreement point to lower haven demand.