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Gold (XAUUSD) weekly forecast: range-bound trading with a positive bias

Gold (XAUUSD) enters the week of 9–13 March around 5,170 USD per ounce after rising amid increased geopolitical tensions in the Middle East.

XAUUSD forecast: key takeaways

• Weekly performance: gold (XAUUSD) is hovering around 5,170 USD per ounce after rising amid heightened geopolitical risks.
• Support and resistance: the daily chart shows a steady uptrend formed back in autumn.
• Fundamentals and outlook: gold retains its status as a key safe-haven asset and remains sensitive to geopolitics and inflation expectations.

Fundamental analysis

Gold (XAUUSD) ended the week higher, holding around 5,170 USD per ounce. Prices are bolstered by demand for safe-haven assets amid a sharp escalation of the conflict in the Middle East.

The military confrontation between the US, Israel, and Iran continues to intensify. The US and Israel are striking military and infrastructure targets in Iran, while Tehran is responding with missile attacks on some neighbouring countries, including energy infrastructure facilities.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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The RoboForex Team