XAUUSD prices are declining on Friday, with the quotes currently at 2,909 USD. Find more details in our analysis for 7 March 2025.
XAUUSD forecast: key trading points
- US Nonfarm Payrolls report for February
- A speech by Federal Reserve Chairman Jerome Powell
- XAUUSD forecast for 7 March 2025: 2,960
Fundamental analysis
Despite the current correction in XAUUSD prices, buying pressure remains. Gold continues to act as a safe-haven asset amid uncertainty in global trade policy, with investors pessimistic about the US economy.
Markets will focus on US employment data and Fed Chairman Jerome Powell’s speech on Friday as investors try to gain insight into the uncertainty surrounding Donald Trump’s volatile trade policy.
Analysts expect the Nonfarm Payrolls report for February to show an increase of 160 thousand jobs, up from 143 thousand in January, while the unemployment rate will likely remain at 4.0%. Worse-than-expected data could weaken the US dollar and push Gold prices higher.
XAUUSD technical analysis
XAUUSD prices are moving within the uptrend. After a downward correction with a breakout of the EMA-65, the quotes quickly recovered, confirming buying activity. The XAUUSD forecast for 7 March 2025 expects a corrective pullback to the lower boundary of the bullish channel, with prices testing the 2,885 USD level before resuming growth to the target of 2,960 USD. A breakout above the upper boundary of the descending channel will confirm the upward momentum, with prices consolidating above 2,925 USD.
Summary
Buyers remain active in Gold amid global economic instability and uncertainty related to the US trade policy. The XAUUSD price forecast suggests that a breakout above the 2,925 USD will confirm the upward momentum to the target of 2,960 USD.
Source: Roboforex
