Gold (XAUUSD) strengthens despite pressure from the US dollar

XAUUSD quotes are attempting to recover, supported by technical factors and sustained demand. Prices currently stand at 3,292 USD. Find more details in our analysis for 1 August 2025.

XAUUSD forecast: key trading points

• Gold demand in Q2 2025 reached 1,080 tonnes
• Central banks reduced purchases but remain key buyers
• Jewellery consumption dropped to 2020 levels
• XAUUSD forecast for 1 August 2025: 3,375

Fundamental analysis

XAUUSD prices are rising for the second consecutive day, with buyers keeping prices above the lower boundary of a large Triangle pattern. Despite this local recovery, the precious metal remains under pressure from a stronger US dollar, which gained after Donald Trump announced plans to impose higher tariffs on several countries.

According to the World Gold Council, global gold demand in Q2 2025 reached 1,080 tonnes, up 10% from the same period last year. Central banks continue to play a significant role despite slightly lower purchase volumes. In contrast, the jewellery segment showed weak dynamics, with consumption nearly returning to 2020 pandemic levels.

Investors are focused on the upcoming July US employment report, which could shed light on labour market conditions and influence the Fed’s future monetary policy decisions.

XAUUSD technical analysis

XAUUSD trades within an ascending channel, despite a local breakout of the Moving Averages. After testing the key support level at the lower boundary of the channel, prices have stabilised near 3,290 USD. This behaviour may signal weakening downward momentum and a potential transition to a recovery phase.

Today’s XAUUSD price forecast suggests a rebound from support, with a potential move towards 3,375 USD. The Stochastic Oscillator supports this reversal scenario: signal lines have exited oversold territory and formed a bullish crossover, indicating reduced selling pressure.

A breakout above the upper boundary of the descending channel and a consolidation above 3,350 USD would further confirm that the bearish correction has ended.

Summary

Technical factors and sustained demand support the growth potential for gold prices despite pressure from a strong US dollar. Today's XAUUSD analysis signals a high likelihood of the correction ending and a bullish impulse forming with a target near 3,375 USD.