Gold (XAUUSD) prices hit their record high at 3,758 USD, with the market clearly bracing for another rally. Find more details in our analysis for 23 September 2025.
XAUUSD forecast: key trading points
- Gold (XAUUSD) targets fresh highs
- Fed’s rate policy stance remains the key driver for the metal
- XAUUSD forecast for 23 September 2025: 3,800
Fundamental analysis
On Tuesday, gold (XAUUSD) prices surged to a new all-time high of 3,758 USD per ounce amid expectations of further Federal Reserve rate cuts this year.
Last week, the Fed delivered its first rate cut of 2025 and signalled more easing ahead, citing labour market weakness. Markets quickly priced in two additional 25-basis-point cuts before the end of the year.
At the same time, some Fed officials stressed the need for caution on Monday. St. Louis Fed President Alberto Musalem noted that the scope for further easing remains limited due to persistent inflationary pressures.
Traders are now awaiting Federal Reserve Chairman Jerome Powell’s upcoming remarks on the economic outlook, as well as Friday’s release of the PCE price index, the Fed’s preferred inflation gauge.
The gold (XAUUSD) forecast is bullish.
XAUUSD technical analysis
On the H4 chart, gold (XAUUSD) continues its strong uptrend from late August, climbing from the 3,380 area to fresh records above 3,740.
After a mid-September consolidation between 3,627–3,670, bullish momentum resumed. Recent sessions have seen an acceleration in gains, with prices hitting a new peak at 3,758 USD.
Key levels to watch: resistance at 3,758 and support at 3,627. Consolidation above the high would open the way to new targets in the 3,800–3,850 area, while a correction could push prices lower to the 3,670–3,627 support area.
The overall technical setup remains bullish, with gold hitting new highs amid stronger demand and rising volatility.
Summary
Gold (XAUUSD) has set another record high – and more may follow. The forecast for today, 23 September 2025, points to a likely slide to 3,800.
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