Gold (XAUUSD) pulls back after strong rally

XAUUSD prices declined to around 4,100 USD following last week’s sharp rally, when a new all-time high at 4,380 USD was reached. Find more details in our analysis for 24 October 2025.

XAUUSD forecast: key trading points

• Market focus: investors await the outcome of US-China trade talks on tariffs
• Current trend: moderately correcting
• XAUUSD forecast for 24 October 2025: 4,380 or 4,000

Fundamental analysis

XAUUSD quotes fell by more than 5% this week, marking the largest intraday drop in five years. The sell-off coincided with significant outflows from gold-backed ETFs, which posted their largest one-day decline in assets in five months.

Nevertheless, gold remains up approximately 55% year-to-date, supported by ongoing trade tensions, with trade talks between US President Donald Trump and Chinese President Xi Jinping taking centre stage next week. Geopolitical risks remain elevated following the new US sanctions on Russia, aimed at pressuring Moscow to negotiate a ceasefire in Ukraine.

XAUUSD technical analysis

XAUUSD prices corrected from the all-time high near 4,380 USD, driven by easing trade tensions between the US and China. The Alligator indicator is pointing downwards, suggesting that the correction could continue for some time.

The short-term XAUUSD price forecast suggests continued growth towards a high of 4,380 USD and higher if bulls regain the upper hand. Conversely, if bears push prices below 4,100 USD, a further decline towards the 4,000 USD support area is likely.

Summary

Gold is undergoing a moderate correction after a strong rally and a new all-time high at 4,380 USD. The market’s attention now turns to the upcoming US-China trade tariff negotiations

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