XAUUSD quotes have entered a correction after hitting an all-time high of 3,500 USD. The US dollar is finding support amid easing trade tensions. Discover more in our analysis for 29 April 2025.
XAUUSD forecast: key trading points
- Market focus: the US and China continue difficult negotiations over tariffs
- Current trend: correcting downwards
- XAUUSD forecast for 29 April 2025: 3,270 and 3,350
Fundamental analysis
Gold prices declined to around 3,300 USD on Tuesday as easing concerns about an escalating trade war reduced demand for safe-haven assets. US Treasury Secretary Scott Bessent said on Monday that many major US trading partners had made very good tariff proposals.
He also noted that China’s recent move to exempt certain US goods from retaliatory tariffs signals a willingness to de-escalate trade tensions.
Market focus now shifts to key US economic data scheduled for release later this week, including the first estimate of Q1 GDP, PCE inflation data for March, and April’s Nonfarm Payrolls report. These indicators will offer insights into the health of the US economy and help assess the future outlook for the Federal Reserve's monetary policy.
XAUUSD technical analysis
Gold is undergoing a downward correction within a broader uptrend after rebounding from the record high of 3,500 USD. The quotes are currently trading around the key support level at 3,270 USD. A breakout below this level could lead to the formation of a Triangle pattern and a further decline towards 3,200 USD.
The short-term XAUUSD price forecast suggests that prices could revisit the 3,400 USD level if bulls hold above 3,270 USD. Conversely, if bears drive prices below 3,270 USD, the correction may extend towards 3,200 USD.
Summary
XAUUSD prices are undergoing a downward correction amid easing trade tensions. Market focus shifts to major US economic releases (GDP, PCE, and Nonfarm Payrolls) this week.
