Gold (XAUUSD) continues to strengthen after a correction

Gold continues to rally towards 2,950 ahead of FOMC members’ speeches. Discover more in our XAUUSD analysis for today, 17 February 2025.

XAUUSD forecast: key trading points

• A speech by FOMC representative Patrick T. Harker
• A speech by FOMC representative Michelle Bowman
• Current trend: moving upwards
• XAUUSD forecast for 17 February 2025: 2,877 and 2,950

Fundamental analysis

Today’s XAUUSD analysis shows that Gold prices have corrected towards 2,876 USD, with the pair likely to form another growth wave in the future.

Federal Reserve Bank of Philadelphia President and FOMC representative Patrick T. Harker is expected to deliver a speech today, 17 February 2025. Earlier, Harker spoke about possible rate cuts in 2025 but emphasised that there was no need for this at present and that further decisions would depend on incoming economic data.

FOMC member Michelle Bowman’s report is scheduled after Harker’s speech. Earlier, in September 2024, she advocated for a 0.25 percentage point rate cut, which reflects her cautious approach to monetary policy changes.

Given the current economic situation, it is worth paying attention to inflation, the labour market, and the Federal Reserve’s possible future actions. Bowman’s speech may provide additional signals about the direction of US monetary policy and adjust the market sentiment.

Based on Bowman’s previous statements and the current economic conditions, she is expected to underscore the need for a balanced approach to interest rate changes, taking into account both the risks of overheating the economy and the need to maintain its sustainable growth.

XAUUSD technical analysis

On the H4 chart, XAUUSD prices formed a Hammer reversal pattern near the lower Bollinger band. At this stage, they continue their upward trajectory following the signal from the pattern. The uptrend will likely continue as XAUUSD quotes are moving within an ascending channel.

The upside target could be the 2,950 USD resistance level.

However, the XAUUSD technical analysis for today also suggests the second scenario, where the quotes undergo a correction towards 2,877 USD. After testing the support level, XAUUSD prices could reach a new all-time high in the near term and head towards 3,000 USD.

Summary

XAUUSD quotes are maintaining their upward momentum ahead of the FOMC representatives’ speeches, with an upside target at the 2,950 USD resistance level.