Gold forecast: XAUUSD is trading above 2,500 USD; the market awaits the Fed’s minutes

XAUUSD price continued its surge on Tuesday, reaching a new annual and all-time high of 2,532 USD. Today, the market’s focus is on the release of the Federal Reserve minutes. Find out more in our XAUUSD analysis for today, 21 August 2024.

XAUUSD forecast: key trading points

• Market focus: market participants await the release of the Federal Reserve minutes today
• Current trend: gold is trading in a strong uptrend, with another all-time high of 2,532 USD reached on Tuesday
• XAUUSD forecast for 21 August 2024: 2,532 and 2,500

Fundamental analysis

XAUUSD quotes strengthened on Tuesday, hitting a new all-time high of 2,532 USD. The rise in gold prices is driven by heightened expectations of a Federal Reserve interest rate cut in September. The latest Federal Reserve minutes will be released today during the American session, during which market participants hope to gain insights into the future actions of the US central bank.

If the minutes reveal a more decisive stance from the Federal Reserve, gold could gain an additional growth driver. Conversely, if they reflect uncertainty about future cuts, this may support the US dollar, potentially leading to a downward correction in the XAUUSD price.

XAUUSD technical analysis

XAUUSD quotes are experiencing a strong uptrend, regularly reaching all-time highs. A triangle price pattern has formed on the H4 chart, potentially signalling further growth in XAUUSD quotes, with an approximate target at 2,600 USD per troy ounce.

The short-term XAUUSD price forecast suggests that if bulls hold the price above the previous high of 2,483, it could maintain its upward trajectory and reach the 2,600 USD level in the near term. If the price breaks below the 2,483-2,477 USD support area, this would signal a decline in XAUUSD, potentially leading to a downward correction.

Summary

XAUUSD analysis shows that gold continues to rise steadily, reaching a new all-time high of 2,532 USD. The market is focused on the release of the Federal Reserve’s July meeting minutes, which may affect the XAUUSD forecast further.