Gold Price Forecast: Still Stuck in Range, Bulls Cautious
Gold (XAU/USD) held steady for a second day, moving just under its recent high around $3,370. It’s stuck in a multi-week trading range without clear momentum to break higher. Concerns over rising U.S. tariffs and global trade uncertainty have brought safe-haven demand, keeping gold supported.
At the same time, mixed signals from the Federal Reserve on interest rate cuts are keeping the U.S. dollar soft. This helps gold, which usually benefits when the dollar weakens. But the idea that the Fed may delay rate cuts is capping major gains for the non-interest-bearing metal. Traders remain cautious, waiting for a clear breakout above the range before betting on a strong rally.
From a technical analysis view, the key resistance zone lies near $3,365–$3,366. If gold manages a clean break above that, it could rally toward the $3,400 mark and possibly $3,434. On the flip side, support levels to watch are around $3,325–$3,322, then $3,300. Breaking below those could open the door to deeper declines toward ~$3,248.
In short, the gold price forecast remains range-sensitive—needing a decisive push above resistance or clear break below support before the next big move.
Impact:
Gold might break out higher if U.S. dollar stays weak and trade tensions rise. But if Fed delays rate cuts, gold could stay stuck or pull back toward $3,325 support.