Today’s Gold Analysis Overview:
- Overall Gold Trend: Strongly bullish.
- Today's Gold Support Levels: $3425 – $3400 – $3360 per ounce.
- Today's Gold Resistance Levels: $3460 – $3475 – $3500 per ounce.
Today's Gold Trading Signals:
- Buy gold from the support level of $3390, with a target of $3500 and a stop loss of $3350.
- Sell gold from the resistance level of $3475, with a target of $3380 and a stop loss of $3500.
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Technical Analysis of Gold Price (XAU/USD) Today:
The past week of gold trading was crucial in strengthening the bullish outlook for the gold price index. As I've said before, surpassing the psychological $3400 resistance would give the bulls more power to push toward new historical peaks. According to gold trading platforms, prices have risen to the $3454 per ounce resistance, the closest point to a rally toward the historical record of $3500 per ounce, a level the bulls successfully reached in April 2025.
The Future of Gold's Upward Trend
Based on the insights and forecasts of gold analysts, gold trading has started to recover from its summer lull, with futures rising to end the week and the month at new record levels. The gold price index saw a monthly gain of close to 5%. According to experts, the recent "buy signal" for gold bullion was triggered by cautious statements from Fed Chair Jerome Powell. In his speech at the annual central banking symposium in Jackson Hole, Powell said that a shift in the balance of risks in the economy may warrant a change in monetary policy.
According to some economists, Powell's position was confirmed on Friday, as inflationary pressures rose in line with expectations. The US Commerce Department reported that the core Personal Consumption Expenditures (PCE) index - which excludes volatile food and energy prices and is the Fed's preferred inflation gauge - rose by 2.9% over the 12 months ending in July. Despite rising inflation, financial markets are almost fully pricing in a US interest rate cut this month.
After this week's important US jobs report, there will be two other key US inflation reports - the Producer Price Index and Consumer Price Index - from September 10-11. However, as long as these reports don't show a sharp rise in inflation, it's almost certain that the Federal Reserve will cut interest rates by 0.25%.
According to gold trading experts, under current conditions, gold prices are expected to rise in the near term. However, they indicated that they would prefer to see spot and futures prices close above $3500 per ounce.
Dear trader, keep in mind that the US non-farm payrolls data, released next Friday, represents the biggest risk and opportunity for gold. Analysts say that weak labor market data will continue to support higher gold prices, as it will reinforce the Federal Reserve's renewed monetary easing cycle. Besides economic data, politics also strongly influences markets. Analysts expect geopolitical uncertainty to provide upward momentum for gold.
Overall, the ongoing conflict between US President Donald Trump and the Federal Reserve is weakening confidence in the US dollar as a reserve currency, making gold an attractive monetary metal.
Trading Tips:
Traders advise watching for more positive momentum factors for gold, and it is only a matter of time before gold prices reach new record highs.
Ready to trade our Gold price forecast? We’ve made a list of the best Gold trading platforms worth trading with.