Gold (XAUUSD) & Silver Price Forecast: Will $3,375 and $39.15 Break Resistance?

Market Overview

Gold (XAU/USD) extended gains in early Monday trade, rising for a second straight session and holding above $3,366, as markets react to heightened global uncertainty.

Growing anxiety over the August 1 implementation of new U.S. tariffs—potentially 15% to 20% on European imports—has revived safe-haven flows, though the metal remains confined within a multi-week trading range.

“The lack of clarity on Fed policy and rising trade tensions are creating a cautious yet supportive environment for gold,” noted a senior strategist at ING. Despite modest gains, gold struggles to push beyond $3,375, capped by strong resistance and fading bullish momentum.

Traders are closely watching the upcoming global flash PMI readings for fresh macro signals, especially in the absence of major U.S. economic data on Monday.

Silver (XAG/USD) also posted slight gains, rising 0.13% to $38.48, underpinned by similar themes. While demand remains steady on safe-haven appeal, the metal has failed to break out from its consolidation zone.

Dollar Dips on Dovish Fed Signals, Supporting Metals

The U.S. dollar remains subdued after Fed Governor Christopher Waller backed the case for a rate cut due to rising economic risks. The greenback is still trading below last Thursday’s one-month high, bolstering demand for dollar-denominated assets like gold and silver.

Yet, uncertainty lingers. Markets now expect the Fed to begin cutting rates in September rather than July, pricing in two 25 basis point cuts by year-end.

Meanwhile, Fed Chair Jerome Powell’s recent comments that inflation could rise due to tariffs add complexity to the outlook, potentially limiting gold’s upside.

Outlook Hinges on Trade, Fed, and PMI Data

With consumer sentiment unexpectedly rising to 61.8 in July—per the University of Michigan—investors are weighing conflicting signals. Until a breakout occurs, both gold and silver may continue to trade sideways, guided by trade rhetoric and macroeconomic releases.

Gold Prices Forecast: Technical Analysis

Gold is approaching a symmetrical triangle apex, currently trading near $3,366, testing resistance at $3,370. Price has rebounded off the ascending trendline and reclaimed both the 50-EMA ($3,345) and 100-EMA ($3,341), signaling renewed bullish momentum.

A breakout above $3,375 could trigger a push toward $3,392, and potentially $3,410. However, rejection here may send prices back toward support at $3,346, with deeper pullbacks targeting $3,325, $3,302, and $3,283.

Watch for a breakout or rejection at this tightening triangle—momentum indicators suggest buyers are regaining control, but confirmation is key above $3,375.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver (XAG/USD) is holding above the 38.2% Fibonacci level at $38.01, trading near $38.48 and regaining strength after bouncing off ascending trendline support. Price is now challenging the 23.6% Fib level at $38.44, just below the key resistance zone between $38.74–$39.12.

Short-term momentum favors the bulls as price trades above the 50-EMA ($38.06) and 100-EMA ($37.77). A breakout above $39.12 could open the door to $39.47, with a broader push targeting new cycle highs.

If price fails here, expect pullbacks toward $38.01, $37.67, and $37.33, with trend support intact above $36.94.