XAUUSD rises to 2,765 USD on Wednesday, with demand for safe-haven assets increasing due to tariff uncertainty. More details in our analysis for 29 January 2025.
XAUUSD forecast: key trading points
- Gold (XAUUSD) continues to rise gradually
- The outlook for Gold is mixed and depends on the current and future Federal Reserve interest rate decisions
- XAUUSD forecast for 29 January 2025: 2,766 and 2,791
Fundamental analysis
Gold (XAUUSD) prices reached 2,765 USD in the middle of the week. Gold continues to recover due to strong demand for safe-haven assets until there is clear information on US trade tariffs.
Earlier this week, US President Donald Trump announced plans to impose higher tariffs on foreign-made computer chips, some pharmaceutical products and separately on steel. He said this was needed to stimulate domestic production. White House Press Secretary Karoline Leavitt reiterated that Trump still plans to impose tariffs on Canada and Mexico from 1 February and is seriously considering a new tariff schedule for China.
The focus is now shifting to today’s US Federal Reserve interest rate decision. Higher rate levels make Gold less appealing to investors as it does not generate coupon yields.
The XAUUSD forecast is now cautious.
XAUUSD technical analysis
On the XAUUSD H4 chart, a sideways trading range is forming, with boundaries at 2,740-2,766 USD. An upward breakout will open the potential for growth to the previous high of 2,791 USD. With a breakout below the channel, the first selling target will be 2,724 USD.
Summary
Gold (XAUUSD) prices rose slightly, driven by demand for safe-haven assets, but there are questions about further growth. The XAUUSD forecast for today, 29 January 2025, suggests a sideways movement and growth to 2,791 USD if market optimism increases.
Source: Roboforex
