Gold (XAUUSD) rises: the market favours buyers

Gold (XAUUSD) prices have risen to 2,715 USD amid strengthening demand for safe-haven assets. Find out more in our analysis for 17 January 2025.

XAUUSD forecast: key trading points

• Gold prices maintain their upward trajectory
• The market’s demand for safe-haven assets boosts interest in Gold as such
• XAUUSD forecast for 17 January 2025: 2,727 and 2,730

Fundamental analysis

Gold (XAUUSD) quotes continue their ascent, reaching a monthly high of 2,715 USD.

Two key factors are driving Gold prices upward. The first is the prospect of a US Federal Reserve interest rate cut larger than expected. This outlook became apparent following the release of this week’s economic data. The second factor is the heightened demand for safe-haven assets, as investors seek risk-averse strategies ahead of potential US White House measures to introduce stricter trade tariffs.

The Gold (XAUUSD) forecast appears positive.

XAUUSD technical analysis

On the XAUUSD H4 chart, conditions are forming for consolidation around 2,712 USD. If pressure intensifies, the support level may hold at 2,698 USD. The forecast for today, 17 January 2025, suggests that if prices rise and consolidate above current levels, the first growth target could be 2,727 USD, followed by 2,730 USD.

Summary

Gold (XAUUSD) prices have reached a monthly peak. The week could end with the asset achieving its third consecutive gain. Following a brief consolidation near 2,712 USD, the market may advance to the 2,727-2,730 USD area.