XAUUSD prices are plunging sharply amid easing geopolitical tensions and anticipation ahead of the Federal Reserve Chairman’s testimony. Current quotes stand at 3,331 USD. Discover more in our analysis for 24 June 2025.
XAUUSD forecast: key trading points
- Donald Trump announced a full ceasefire between Israel and Iran
- Demand for gold as a safe-haven asset has weakened following the truce
- Uncertainty around Federal Reserve policy could intensify pressure on gold
- XAUUSD forecast for 24 June 2025: 3,245
Fundamental analysis
XAUUSD quotes continue their decline for the second consecutive session, remaining under pressure after rebounding from the key resistance level of 3,440 USD. Technically, the next target for bears could be the support level at 3,305 USD.
Interest in gold as a safe-haven asset is waning due to news of a ceasefire agreement between Israel and Iran. Late on Monday, US President Donald Trump confirmed that both sides had reached a deal to halt all hostilities, easing geopolitical tensions.
Adding to market uncertainty are expectations surrounding the Fed’s monetary policy. Investors are closely watching Jerome Powell’s upcoming testimony before the US Congress on Tuesday and Wednesday, hoping for clues on the central bank’s rate path. This uncertainty could further reinforce a bearish outlook for XAUUSD.
XAUUSD technical analysis
XAUUSD prices continue trending downwards, with sellers dominating the market. This is supported by a breakout below the ascending channel, with prices consolidating below the EMA-65. The XAUUSD forecast for today sees the downtrend extending towards the key support level at 3,245 USD. The breakout below the lower boundary of the ascending channel signals intensified bearish sentiment.
The Stochastic Oscillator indicates sustained downward momentum, with potential for a Double Top pattern to form, which may increase market pressure and accelerate the decline.
The bearish scenario would be confirmed by a rebound from the broken channel’s lower boundary, with prices hitting a new local low at 3,330 USD.
Summary
Easing geopolitical tensions and uncertainty around Fed policy are adding to pressure on gold. XAUUSD analysis for today signals dominant bearish sentiment, with the decline highly likely to continue towards the 3,245 USD support level.
