Gold (XAUUSD) is correcting from an all-time high of 2,758 USD

XAUUSD price has entered a local correction after reaching a new all-time high of 2,758 USD. Once this phase is complete, growth may resume. More details in our XAUUSD analysis for today, 25 October 2024.

XAUUSD forecast: key trading points

• Market focus: US statistics on durable goods orders and the Michigan Consumer Sentiment Index are due today
• Current trend: correcting within an uptrend
• XAUUSD forecast for 25 October 2024: 2,743 and 2,710

Fundamental analysis

XAUUSD continues to trade in an uptrend after recently reaching a new all-time high of 2,758 USD. A moderate downward correction is underway, after which growth is expected to resume. The precious metal remains strong, supported by robust investor demand.

The onset of the Federal Reserve’s interest rate-cutting cycle, rising geopolitical tensions, escalating conflict in the Middle East, and the upcoming US presidential election all contribute to strengthening Gold prices.

US statistics on durable goods orders and the Michigan Consumer Sentiment Index are due today during the American trading session. If the statistics exceed the forecasts, this may bolster the US dollar, potentially extending the XAUUSD correction. Otherwise, further growth in XAUUSD is likely.

XAUUSD technical analysis

On the H4 chart, XAUUSD quotes reached the upper boundary of the ascending channel, where they encountered strong resistance from sellers, prompting a downward correction. The depth of this correction remains uncertain; however, the uptrend will highly likely continue once it is completed.

The short-term XAUUSD price forecast suggests that the price could decline to 2,685 USD if bearish pressure pushes the quotes below the 2,700-2,710 USD support area. If bullish momentum takes over and drives the price above 2,743 USD, it could return to the high of 2,758 USD in the short term.

Summary

XAUUSD quotes are undergoing a downward correction after reaching a new all-time high of 2,758 USD. The pair may experience increased volatility today following the release of US statistics on durable goods orders and the Michigan Consumer Sentiment Index.