XAUUSD shows a sharp spike in volatility following US airstrikes on Iran: quotes first jumped to the 3,400 USD area before retreating to 3,350 USD. Find out more in our analysis for 23 June 2025.
XAUUSD forecast: key trading points
- Market focus: the US has launched military action against Iran
- Current trend: correcting downwards
- XAUUSD forecast for 23 June 2025: 3,300 and 3,400
Fundamental analysis
Gold fell to 3,350 USD per ounce on Monday, as traders turned to the US dollar amid heightened tensions in the Middle East. The US entered the war between Israel and Iran by striking three major Iranian nuclear facilities over the weekend. President Donald Trump warned of further attacks if Tehran does not agree to a peace deal.
US involvement in the conflict has sharply increased the risk of Iranian retaliation. The biggest concerns revolve around a potential blockade of key oil routes in the Middle East. Iran controls the strategic Strait of Hormuz and could disrupt up to one-third of the world’s oil supply, threatening global economic stability.
XAUUSD technical analysis
XAUUSD quotes are undergoing a downward correction, falling towards the 3,350 USD support level. The Alligator indicator is trending lower, confirming the current bearish movement. Following the correction, the precious metal may resume its upward path.
The short-term XAUUSD price forecast suggests a further decline to 3,300 USD if bears maintain control. However, if bulls reverse prices, a climb towards the 3,400 USD resistance becomes possible.
Summary
Gold sees elevated volatility, pulling back to the 3,350 USD support level following US strikes on Iran. Market participants await further developments in the Middle East.
