Gold (XAUUSD) holds steadily above 2,700 USD

Gold quotes have consolidated above 2,700 USD, and a Triangle pattern has formed on the daily chart. More details in our XAUUSD analysis for today, 21 January 2025.

XAUUSD forecast: key trading points

• Donald Trump has officially taken office as the US President
• Current trend: Gold is trading above 2,700 US, and the uptrend remains intact
• XAUUSD forecast for 21 January 2025: 2,689 and 2,733

Fundamental analysis

XAUUSD prices are rising, consolidating above 2,700 USD after a recent downward correction. The US dollar is under pressure, weakening against other currencies and Gold following Donald Trump’s inauguration yesterday.

Gold prices are now supported by investor concerns over the ambiguous economic policies of the new US president, the Federal Reserve’s current monetary policy easing cycle, geopolitical tensions, and localised military conflicts.

XAUUSD technical analysis

The XAUUSD pair is trending upwards on the daily chart, trading above 2,700 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 forecast suggests the pair may continue its ascent to the nearest targets of 2,725 and 2,750 USD if the bulls maintain control and keep the price above 2,700 USD. However, a downward correction is possible if bears gain control and firmly establish the price below 2,650 USD.

Summary

Gold remains in an uptrend, with prices consolidating above 2,700 USD. The Triangle pattern opens the potential for further XAUUSD growth towards the 2,900 USD level.