Gold (XAUUSD) hit a new all-time high

XAUUSD quotes are showing strong growth, rising above the all-time high of 2,790 USD. The price is moving towards the target of a Triangle pattern on the daily chart. Find out more in our XAUUSD analysis for today, 31 January 2025.

XAUUSD forecast: key trading points

• Gold prices reached a new all-time high
• Current trend: a strong uptrend
• XAUUSD forecast for 31 January 2025: 2,770 and 2,800

Fundamental analysis

XAUUSD prices are steadily rising, reaching a new all-time high of 2,800 USD. Gold quotes are now supported by US President Donald Trump’s ambiguous economic policy, demand from global central banks, and geopolitical tensions.

The main highlight of the week was the US Federal Reserve’s decision to keep the benchmark interest rate unchanged at 4.5% due to possible inflation risks. Market participants now expect the Fed to make two more interest rate cuts before the end of the year, but everything will depend on the US inflation rates.

XAUUSD technical analysis

The XAUUSD pair maintains its upward momentum on the daily chart, rising above last year’s all-time high of 2,790 USD.

The Alligator indicator lies below the price chart and is moving upwards, confirming a bullish trend. A Triangle pattern previously formed, and XAUUSD prices subsequently broke above its upper boundary. The target for this pattern is 2,900 USD.

The short-term XAUUSD price forecast suggests that the pair may continue its ascent towards 2,900 USD if bulls retain the initiative. However, a downward correction is possible if bears gain control and bring prices back into the area below 2,790 USD.

Summary

Gold prices are in a strong uptrend, rising above the all-time high of 2,790 USD. The Triangle pattern formed on the daily chart suggests further asset growth towards 2,900 USD.