XAU USD

The broader gold forecast and price direction remains constructive, even with some of its haven appeal diminishing. Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed.

Bearish momentum is building in gold following last week's reversal from record highs. With optimism in risk assets lingering and technical patterns flashing warnings, it may be some time before gold can mount another serious push towards $3500.

Over the past five trading sessions, gold has shown a significant bearish bias, accumulating a decline of more than 4.5%.

As far as the gold outlook is concerned, well the precious metal has dropped quick a bit in the last couple of days, but that is still merely a drop in the ocean compared to how much it has gained. Will dip buyers step in as the metal now tests short-term support levels beath the $3300 area?

With Trump signaling no plans to fire Fed Chair Powell and showing openness to easing Chinese tariffs if a trade deal is reached, risk-on sentiment slightly returned to the markets. This sparked a more than 3% jump in US indices and a 200-point drop in both Gold and EURUSD. The key question: Are we recharging or reversing?

The momentum behind the move is unmistakable, and it’s clearly deterring any meaningful selling activity from traders or longer-term investors. Against this backdrop, the gold forecast remains bullish, although prices are hitting significant overbought technical levels.

Gold prices scaled up to another fresh ATH last week and the metal has shown no sign yet that the move is nearing over.

With trade uncertainty hanging over markets, haven demand should keep the gold forecast positive for a while yet.

It’s been an eventful past week and we’re still not out of the woods. This webinar looked at a wide range of markets across stocks, gold and FX pairs.

Over the past three trading sessions, gold had started to show a strong bearish bias, posting a decline of more than 5%, largely due to heightened market volatility. However, buying pressure has re-emerged today, pushing the price up by more than 1% in recent hours.

For us, the gold outlook has tilted more cautious in the near-term outlook, even if haven demand is going to be elevated amid the market turmoil.