Gold (XAUUSD) holds around record highs

XAUUSD price remains elevated. Find out more in our XAUUSD analysis for today, 13 August 2024.

XAUUSD forecast: key trading points

• Gold reaches new highs
• Demand for the asset increases amid general tensions
• XAUUSD forecast for 13 August 2024: 2126.62 and 2488.94

Fundamental analysis

XAUUSD price declined to 2,462 USD per troy ounce on Tuesday after hitting new peaks.

Investors continue to seek gold as a safe-haven asset amid escalating geopolitical tensions, primarily in the Middle East.

In the near term, the market will closely watch statistics, particularly the US Consumer Price Index data scheduled for release on Wednesday. These figures will provide further insight into the Federal Reserve’s future actions regarding interest rates.

XAUUSD technical analysis

The XAUUSD H4 chart indicates that the market has established a consolidation range around 2,426.62 and, after breaking above this level, reached the local target of 2,474.44 for the growth wave. The mid-term XAUUSD price forecast has been realised. Today. 13 August 2024, a correction towards 2,426.62 (testing from above) could continue. Once the correction is complete, a new growth wave could develop, targeting 2,488.94.

Summary

Gold (XAUUSD) prices remain high. Technical indicators suggest a potential decline in XAUUSD quotes to 2,426.62, followed by a rise to 2,488.94.