Gold Weekly Forecast: Buy Zones $3,340–$3,352, Targets Above $3,440
XAUUSD weekly forecast shows gold surging to nearly $3,370/oz after Fed Chair Jerome Powell hinted at a possible September rate cut during his Jackson Hole speech. This dovish signal undermined the USD and Treasury yields, boosting gold’s safe-haven appeal. Key US data releases this week—preliminary GDP, unemployment claims, and core PCE—will dictate near-term volatility. Strong economic prints could weigh on gold, while softer data would reinforce bullish momentum. Technical analysis identifies a prime buy zone between $3,340 and $3,352, with resistance at $3,381–$3,402. Upside targets lie at $3,440 and potentially above last week’s all-time high of $3,500. The overall bias remains optimistic, and dip-buying is advised ahead of major US economic releases.
Bullish
This gold weekly forecast is categorized as bullish because Fed Chair Jerome Powell’s dovish Jackson Hole remarks sparked a safe-haven rally, pushing XAUUSD toward $3,370. Historically, similar Fed-induced policy shifts—such as the 2022 pivot towards dovish guidance—have triggered sustained gold uptrends. The key buy zone between $3,340 and $3,352 aligns with strong technical support levels, reinforcing bullish conviction.
In the short term, upcoming US GDP, unemployment claims, and core PCE data will act as catalysts. Soft readings could accelerate gold’s advance toward resistance at $3,381–$3,402 and beyond to $3,440 or the $3,500 all-time high. Even if data prove stronger, limited upside for the USD and bond yields may cap gold declines, preserving dip-buying opportunities.
Looking ahead, persistent economic uncertainty and a potential Fed rate cut in September would underpin long-term bullion demand. Technical momentum combined with a dovish monetary backdrop suggests that XAUUSD could extend its rally well above current highs.