As of April 29, 2025, the XAU/USD (gold) market remains highly volatile, influenced by geopolitical tensions, economic uncertainty, and central bank policies. Here’s an overview of the current outlook and potential next moves for gold prices:
📈 Current Market Overview
• Record Highs: Gold prices recently reached a record high of nearly $3,500 per ounce, driven by concerns over U.S.-China trade tensions, inflation, and geopolitical instability. 
• Recent Pullback: Following the peak, gold experienced a slight retreat, trading around $3,350 per ounce. This pullback is attributed to easing trade tensions and reassurances from U.S. President Trump regarding Federal Reserve Chair Jerome Powell. 
🔮 Forecast and Key Levels
• Short-Term Support Levels: Analysts have identified key support levels at $3,145, $2,955, and $2,790, based on historical highs and Fibonacci retracement levels. 
• Resistance and Profit-Taking: The $3,500 region is seen as a potential profit-taking point if gold mounts a recovery. 
• Long-Term Outlook: JP Morgan forecasts that gold prices will surpass $4,000 per ounce by Q2 2026, driven by heightened recession risks amid escalating U.S. tariffs and a prolonged U.S.-China trade conflict. Goldman Sachs also revised its 2025 year-end gold price forecast to $3,700/oz, noting that in extreme scenarios, gold could approach $4,500/oz. 
⚠️ Risks and Considerations
• Potential Decline: Morningstar analyst Jon Mills predicts a 38% decline in gold prices over the next five years, potentially falling to $1,820 per ounce, due to increased gold production and waning interest from central banks and investors. 
• Market Volatility: Gold’s status as a safe-haven asset makes it susceptible to sharp price swings in response to economic data releases, central bank decisions, and geopolitical developments.
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📈 Current Market Overview
• Record Highs: Gold prices recently reached a record high of nearly $3,500 per ounce, driven by concerns over U.S.-China trade tensions, inflation, and geopolitical instability. 
• Recent Pullback: Following the peak, gold experienced a slight retreat, trading around $3,350 per ounce. This pullback is attributed to easing trade tensions and reassurances from U.S. President Trump regarding Federal Reserve Chair Jerome Powell. 
🔮 Forecast and Key Levels
• Short-Term Support Levels: Analysts have identified key support levels at $3,145, $2,955, and $2,790, based on historical highs and Fibonacci retracement levels. 
• Resistance and Profit-Taking: The $3,500 region is seen as a potential profit-taking point if gold mounts a recovery. 
• Long-Term Outlook: JP Morgan forecasts that gold prices will surpass $4,000 per ounce by Q2 2026, driven by heightened recession risks amid escalating U.S. tariffs and a prolonged U.S.-China trade conflict. Goldman Sachs also revised its 2025 year-end gold price forecast to $3,700/oz, noting that in extreme scenarios, gold could approach $4,500/oz. 
⚠️ Risks and Considerations
• Potential Decline: Morningstar analyst Jon Mills predicts a 38% decline in gold prices over the next five years, potentially falling to $1,820 per ounce, due to increased gold production and waning interest from central banks and investors. 
• Market Volatility: Gold’s status as a safe-haven asset makes it susceptible to sharp price swings in response to economic data releases, central bank decisions, and geopolitical developments.
For more updates follow my profile and share your thoughts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.