Gold (XAUUSD) is consolidating around 2,900 USD

XAUUSD quotes are undergoing a local downward correction, falling below 2,900 USD. Market participants are awaiting tomorrow’s release of the Federal Reserve minutes. Find more details in our XAUUSD analysis for today, 18 February 2025.

XAUUSD forecast: key trading points

• Market focus: the US Fed’s January meeting minutes will be released tomorrow
• Current trend: there is a downward correction within the uptrend
• XAUUSD forecast for 18 February 2025: 2,877 and 2,942

Fundamental analysis

XAUUSD prices went into a local downward correction after setting an all-time high of 2,942 USD. Gold prices are now under pressure from the upcoming talks on a peaceful agreement to resolve the military conflict in Ukraine, which could ease the current geopolitical tensions.

One of the week’s key events will be tomorrow’s release of the minutes of the Fed’s January meeting, at which the regulator kept the benchmark interest rate unchanged at 4.5%. Market participants hope to receive some hints from the Federal Reserve about the prospects for further easing of monetary policy.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair is consolidating near 2,900 USD within a local downward correction. If Gold stays within the ascending price channel, the quotes could rise further. A breakout below the channel’s lower boundary will open the door for a deeper correction.

The short-term XAUUSD price forecast suggests growth to a high of 2,942 USD if the bulls retain the initiative and hold above the 2,877 USD support level. However, the downward correction could develop further if the bears find a foothold below 2,877 USD.

Summary

While Gold has corrected towards the price area below 2,900 USD, the daily trend is still upward. The market focus is on tomorrow’s release of the US Federal Reserve meeting minutes.