Gold (XAUUSD) is hovering near 2,752 USD per troy ounce, supported by demand for safe-haven assets and the relative neutrality of the US dollar. Discover more in our analysis for 23 January 2025.
XAUUSD forecast: key trading points
- Gold (XAUUSD) maintains its upward momentum
- Prices are supported by demand for safe-haven assets and increasing geopolitical uncertainty
- XAUUSD forecast for 23 January 2025: 2,740 and 2,724
Fundamental analysis
Gold (XAUUSD) prices have risen to 2,752 USD per troy ounce. Prices have surged unusually rapidly over the past three days, leaving the market poised for consolidation. The current price level is approaching the record high of 2,790 USD, last seen in November last year.
Demand for safe-haven assets continues to drive Gold prices, particularly amid ongoing uncertainty surrounding Donald Trump’s tariff policy plans. Investors are wary of the potential for a new round of trade wars, further bolstering demand for safe-haven investments.
Localised tensions in the Middle East also contribute to upward pressure on Gold prices.
The Gold (XAUUSD) outlook remains optimistic.
XAUUSD technical analysis
On the Gold (XAUUSD) H4 chart, conditions indicate a potential corrective decline to 2,740 USD. If prices reach this level, the next selling target may be 2,724 USD. The Gold (XAUUSD) forecast for 23 January 2025 suggests that the first support level will likely be sufficient to trigger a correction.
Gold (XAUUSD) has strong potential to resume its upward movement to 2,762 USD once prices stabilise.
Summary
Gold (XAUUSD) prices have temporarily paused their upward trajectory, but the global outlook remains positive. Following a short-term correction to the 2,740 and 2,724 USD support levels, prices may rebound to 2,762 USD.
Source: Roboforex
