Gold (XAUUSD) is strengthening, rising above 2,650 USD

XAUUSD quotes show moderate volatility this week, confidently holding above the 2,600 USD support level. More details in our XAUUSD analysis for today, 9 January 2025.

XAUUSD forecast: key trading points

• Market focus: the latest Federal Reserve meeting minutes highlight the risks of rising inflation in the US
• Current trend: the quotes are trading within a broad sideways range
• XAUUSD forecast for 9 January 2025: 2,650 and 2,700

Fundamental analysis

Gold is rising moderately this week, returning to levels above 2,600 USD following a recent downward correction. The latest Federal Reserve meeting minutes, released yesterday, underscore the need for a cautious approach to monetary policy decisions, as there are risks of accelerating US inflation.

The key event of the week will be tomorrow’s release of US employment data – Nonfarm Payrolls (forecasted at +154 thousand jobs) and the unemployment rate (projected at 4.2%). Better-than-expected data will support the US dollar and could drive XAUUSD quotes lower. Conversely, weaker figures could give Gold the momentum to rise above 2,700 USD.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair has secured itself above the 2,650 USD resistance level. The Alligator indicator is below the price chart, signalling an upward reversal, providing potential for growth towards the resistance area between 2,700 and 2,720 USD. Tomorrow’s US labour market statistics could further drive price movements.

The short-term XAUUSD price forecast suggests that if the bulls hold prices above 2,600 USD, the pair could maintain its upward trajectory, with the nearest target at the resistance area between 2,700 and 2,720 USD. A downward correction is possible if the bears seize the initiative and consolidate below 2,600 USD.

Summary

Gold (XAUUSD) is consolidating around 2,650 USD. Tomorrow, the market will focus on US employment data, such as Nonfarm Payrolls and the unemployment rate, which could drive further movements in Gold prices.