XAUUSD quotes continue to rise ahead of the US presidential inauguration. More details in our XAUUSD forecast for today, 20 January 2025.
XAUUSD forecast: key trading points
- Today is a holiday in the US due to the Birthday of Martin Luther King Jr.
- The inauguration of US President Donald Trump
- Current trend: moving upwards
- XAUUSD forecast for 20 January 2025: 2,689 and 2,733
Fundamental analysis
Today’s XAUUSD analysis shows that the pair is completing a correction and may start forming a new growth wave.
As of 20 January 2025, Gold prices continue their upward momentum, reaching 2,700 USD per troy ounce. This rise is driven by persisting geopolitical tensions, especially given the recent developments in the Middle East and uncertainty in the global economy.
The XAUUSD forecast for 20 January 2025 considers that amid Trump’s inauguration and some strengthening of the US dollar, XAUUSD prices may continue to grow.
The outlook for the USD relative to Gold for the coming months does not look optimistic. Given the current trends and increased demand for the precious metal, gold prices may exceed 3,000 USD per troy ounce.
XAUUSD technical analysis
XAUUSD quotes tested the 2,724 USD level last week before a correction phase began.
After pulling back, the XAUUSD price has formed a Hammer reversal pattern near the lower Bollinger band on the H4 chart. At this stage, a growth wave begins following the pattern signal. The uptrend will likely continue since the quotes remain within an ascending channel after a pullback.
Its target could be the next resistance level, 2,733 USD. A breakout above this level would open the potential for a more substantial upward movement.
However, an alternative scenario is possible: the price could correct to 2,689 USD before rising further. Once the correction is complete, Gold could reach a new all-time high in the near term, heading towards 2,800 USD.
Summary
The US holiday and presidential inauguration do not prevent Gold from strengthening its position. The XAUUSD technical analysis suggests further growth to 2,733 USD.
Source: Roboforex
