The price of Gold (XAUUSD) stabilised around 3,420 USD. New US trade agreements are putting pressure on the precious metal. Full details in our analysis for 23 July 2025.
XAUUSD forecast: key trading points
- Gold (XAUUSD) hit a five-week high and is now correcting
- The market closely watches updates on US tariffs, with focus on the EU story
- XAUUSD forecast for 23 July 2025: 3,382
Fundamental analysis
Gold (XAUUSD) fell to 3,420 USD per ounce on Wednesday, ending a three-day rally and slightly pulling back from its five-week high. The metal came under pressure due to reports of new trade agreements that weakened demand for gold as a safe-haven asset.
President Donald Trump announced a major deal with Japan: the US will impose retaliatory tariffs at 15%—lower than the previously planned 25%—and Japan will open its market to US goods. Similar agreements were reached with the Philippines and Indonesia. These developments boosted expectations of further progress ahead of the 1 August deadline.
However, investors remain cautious since negotiations with several key partners are still at an impasse. The European Union continues efforts to reach a deal with the US but, amid tough rhetoric from the White House, is already preparing retaliatory measures should talks collapse.
Market focus is gradually shifting to the upcoming Federal Reserve meeting next week. The rate is expected to remain unchanged, but markets are pricing in a potential cut in October.
The forecast for Gold (XAUUSD) remains positive.
XAUUSD technical analysis
On the H4 chart for Gold (XAUUSD), we can see a strong bullish impulse that followed the breakout from the consolidation range near 3,382. After breaching this level, the price accelerated sharply upwards and reached a local high in the 3,439 zone. This move was accompanied by widening Bollinger Bands, confirming strong momentum.
The current quote is around 3,423, where the price has started a corrective move following short-term overbought conditions. The nearest support lies at 3,382, the former resistance level which may now act as a base in case of a pullback. The next key support sits between 3,310–3,314, a zone that previously triggered multiple upward rebounds.
The overall trend remains bullish. However, in the short term, consolidation or a correction to the 3,382 zone is possible before the next upward impulse.
Summary
Gold (XAUUSD) is retreating from a five-week peak on the back of positive trade tariff news. The forecast for Gold (XAUUSD) on 23 July 2025 allows for a possible corrective pullback to 3,382 USD.
Source: Roboforex
