Gold (XAUUSD) prices dipped to 3,310 USD, with easing geopolitical risks and progress in Trump’s trade strategy weighing on the precious metal. Find more details in our analysis for 29 July 2025.
XAUUSD forecast: key trading points
- Gold (XAUUSD) prices decline amid US trade deal news and a strong US dollar
- The market closely watches the outcome of the US Federal Reserve’s meeting starting today
- XAUUSD forecast for 29 July 2025: 3,300
Fundamental analysis
On Tuesday, Gold (XAUUSD) prices fell to 3,310 USD per ounce, hovering near a three-week low. The main pressure comes from reduced geopolitical risks and a decline in demand for safe-haven assets amid progress in trade talks.
Investors are monitoring ongoing negotiations between the US and China, where a 90-day extension of the tariff pause is expected. The current deadline is set for 12 August. This week is critical for Donald Trump’s trade agenda, as Friday marks the deadline for finalising deals with several other countries. Recall that the US and the EU have already agreed on 15% tariffs on European goods.
Talks continue with Canada and South Korea. Overall, markets interpret the administration’s moves as an attempt to rebalance external trade and reduce the risk of trade wars.
Focus also remains on the Federal Reserve, whose policy meeting begins today and concludes on Wednesday evening. Market consensus expects the rate to remain unchanged, although a September cut is still priced in. This caps the dollar’s strength and may limit gold’s downside.
The Gold (XAUUSD) outlook is bearish.
XAUUSD technical analysis
Gold (XAUUSD) remains under pressure amid waning interest in safe-haven assets. After reaching a local peak around 3,439 USD per ounce on 22 July, prices entered a corrective phase. This pressure has intensified further due to a strengthening US dollar.
On the H4 chart, Gold (XAUUSD) quotes have broken below the key support level at 3,345, which triggered a stronger downward move. The nearest demand zone lies at 3,300-3,301, followed by a stronger support level at 3,282. The Bollinger Bands channel is expanding downwards, indicating increased volatility and stronger bearish momentum.
As long as the price remains below 3,345, there is a continued risk of decline towards the 3,280-3,300 area. A breakout above 3,373 could signal renewed demand and create momentum for a rebound towards 3,400 and higher.
Summary
Gold (XAUUSD) prices appear weak amid a strong US dollar and reduced demand for safe-haven assets. The Gold (XAUUSD) forecast for today, 29 July 2025, suggests testing the 3,300-3,301 area.
Source: Roboforex
