Gold (XAUUSD) forecast: quotes are trading above 2,900 USD

XAUUSD prices are rising, having consolidated above 2,900 USD. Today, the market will focus on the US inflation statistics. Find more details in our XAUUSD analysis for today, 12 March 2025.

XAUUSD forecast: key trading points

• Market focus: US consumer inflation data will be released today – the Consumer Price Index (CPI)
• Current trend: trending upwards
• XAUUSD forecast for 12 March 2025: 2,880 and 2,956

Fundamental analysis

Gold continues to trade in an uptrend, with the quotes currently hovering above 2,900 USD. The precious metal is in increased demand from investors and central banks as US President Donald Trump’s tariff wars continue.

During the American trading session today, market participants will focus on the US inflation data for February, with the CPI scheduled for release. The indicator is projected to rise by 0.3% month-on-month and 2.9% year-on-year.

The Federal Reserve takes into account inflation data when deciding to change interest rates. Weaker-than-forecast statistics will put pressure on the USD and help strengthen Gold. Conversely, stronger-than-expected growth will support the US dollar, potentially pushing XAUUSD quotes lower.

XAUUSD technical analysis

XAUUSD quotes maintain their strong upward momentum, having consolidated above 2,900 USD. A Triangle pattern has formed on the H4 chart, with the direction of the price movement out of the pattern determining further prospects for the pair’s moves.

The short-term XAUUSD price forecast suggests that the pair could continue its upward trajectory and rise to an all-time high of 2,956 USD if the bulls retain the initiative. However, a downward correction is possible if the bears gain control and push prices below the 2,880 USD support level.

Summary

Gold is strengthening, returning to the price area above 2,900 USD. The US consumer inflation data (the CPI) could add to volatility in the asset today.