XAUUSD prices have halted their decline and are reversing upwards after finding support near the 3,310 USD area. Discover more in our analysis for 18 July 2025.
XAUUSD forecast: key trading points
- Market focus: US retail sales rose by 0.6% in June, above the forecast of 0.1%
- Current trend: trading within a sideways range
- XAUUSD forecast for 18 July 2025: 3,310 or 3,375
Fundamental analysis
On Thursday, gold prices dropped towards 3,310 USD per ounce as strong US economic data eased pressure on the Federal Reserve to accelerate interest rate cuts. Retail sales in June exceeded expectations, while weekly initial jobless claims unexpectedly fell to a three-month low.
Nevertheless, demand for gold as a safe-haven asset remains supported by continued uncertainty surrounding the global trade outlook. US President Donald Trump recently announced plans to notify more than 150 trading partners about the scale of new tariffs.
XAUUSD technical analysis
XAUUSD quotes are reversing upwards from the 3,310 USD support level. The precious metal is trading within a broad sideways channel, with the upper boundary at 3,375 USD and the lower boundary at 3,310 USD. The direction of a breakout from this range will determine the next move in gold.
The short-term XAUUSD price forecast suggests further growth towards 3,375 USD if bulls maintain current momentum. However, if bears regain control, prices could decline towards the 3,310 USD support level again.
Summary
XAUUSD quotes reversed to the upside, having received support from buyers at 3,310 USD. The next move will depend on whether the price breaks out of the 3,310-3,375 USD range.
