Gold (XAUUSD) is in a correction after reaching 2,720 USD

XAUUSD prices have entered a downward correction following last week’s surge. Once this correction is complete, growth could resume. More details in our XAUUSD analysis for today, 25 November 2024.

XAUUSD forecast: key trading points

• Market focus: the release of the latest US Federal Reserve meeting minutes will be crucial for the markets this week
• Current trend: a local correction is underway
• XAUUSD forecast for 25 November 2024: 2,643 and 2,720

Fundamental analysis

XAUUSD prices closed the previous week with a steady rise towards 2,700 USD, reversing upwards from lows around 2,550 USD. Gold remains in strong demand from central banks and investors amid the Federal Reserve’s monetary policy easing and the escalation of local military conflicts.

Tuesday’s release of the latest US Federal Reserve meeting minutes will be a key event for the markets this week. Depending on the regulator’s comments and plans regarding the benchmark interest rate, the XAUUSD pair may gain momentum for further growth or find reasons for a deeper correction.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair is undergoing a correction towards the 2,700-2,720 USD resistance area after last week’s steady upward movement. Gold is now trading within the uptrend, and once the correction is complete, it is expected to continue its ascent towards an all-time high of 2,790 USD.

The short-term XAUUSD price forecast suggests that the asset could decline to the 2,643 USD support level during the correction, after which growth may resume. However, if bears gain control and secure a position below 2,600 USD, it could signal the end of the growth scenario.

Summary

Gold (XAUUSD) quotes are moderately correcting following last week’s surge. This week, the November US Federal Reserve meeting minutes could drive further movements in the asset.