roboforex Market Fundamental Analysis by RoboForex

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XAUUSD consolidates near local highs ahead of employment data release

XAUUSD has moved into a technical correction after a two-day rally, with prices currently standing at 4,463 USD.

XAUUSD forecast: key takeaways

• Sustained demand from global central banks and uncertainty in the Middle East continue to provide long-term support for prices
• Expectations of a hawkish Federal Reserve stance have eased, putting pressure on the US dollar and increasing the appeal of the safe-haven precious metal
• XAUUSD forecast for 4 September 2026: 4,695

Fundamental analysis

XAUUSD quotes have entered a correction phase after rallying for two consecutive trading sessions. During this period, gold gained more than 2% and consolidated above the 4,400 USD resistance level. In the long term, XAUUSD remains supported by sustained demand from global central banks and ongoing geopolitical uncertainty in the Middle East.

Comments from Federal Reserve Governor Christopher Waller were a key driver of the rally. He said he could support keeping interest rates unchanged in September if upcoming data confirms easing inflationary pressures.

RoboForex Market Analysis & Forex Forecasts

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The RoboForex Team