Gold (XAUUSD) is below 2,500 USD, but the trend remains upward

Despite XAUUSD's price falling below 2,500 USD on Monday, growth prospects remain. This week, market participants are closely watching the latest XAUUSD news, particularly focusing on US employment data, which is expected to significantly impact the XAUUSD outlook. For more detailed insights, check out our XAUUSD analysis and forecast dated 2 September 2024.

XAUUSD forecast: key trading points

• Market focus: market participants are awaiting US employment market statistics this week
• Current trend: although gold is trading within an uptrend, there are risks of a downward correction, which could affect the XAUUSD prediction
• XAUUSD forecast for 2 September 2024: price levels to watch are 2,532 and 2,483 USD.

XAUUSD fundamental analysis

XAUUSD quotes remain within an uptrend, supported by expectations of a September Federal Reserve interest rate hike. However, the price has yet to reach the all-time high of 2,532 USD, as it encounters active selling pressure near this level.The upcoming US employment market statistics, a critical piece of XAUUSD news, could play a pivotal role in shaping future gold price movements.

Automatic Data Processing Inc. (ADP) will publish employment data on Thursday, with nonfarm payrolls and the unemployment rate scheduled for release on Friday. A decline in employment could weaken the USD, potentially strengthening gold and providing a bullish signal for XAUUSD. Conversely, robust job growth could support the US dollar, leading to a bearish XAUUSD outlook and a possible downward correction.

XAUUSD technical analysis

On the H4 chart, XAUUSD is trading within an ascending price channel just below 2,500 USD but above the upper boundary of the completed triangle pattern. Gold has yet to surpass the all-time high of 2,532 USD, as gold quotes, as it encounters active selling pressure in this area and retraces.

The short-term XAUUSD price forecast suggests that the price could reach the 2,600 level in the near term if bulls hold above the upper boundary of the triangle and surpass the high of 2,532 USD. However, a decline below the crucial 2,483-2,477 USD support area would invalidate this bullish prediction and increase the likelihood of a downward correction, signaling a potential shift in the XAUUSD outlook.

Summary

Although XAUUSD has fallen below 2,500 USD, there is still potential for growth. This week, market participants will focus on the US employment market data, which could drive further gold price movements. Stay tuned to our XAUUSD forecast for updates on this evolving situation.