XAU/USD closed the week at $2,392, holding above the critical $2,350–$2,380 support band and maintaining the medium-term uptrend that began in February 2025.
**Weekly chart structure:**
The weekly chart shows a bullish continuation pattern with price holding above both the 20-week and 50-week moving averages (currently at $2,280 and $2,180 respectively). The RSI on the weekly timeframe sits at 62 — bullish but not yet overbought.
**Key resistance levels:**
- $2,420 — recent swing high
- $2,450 — major horizontal resistance from April 2025
- $2,500 — psychological level and potential short-term target
**Key support levels:**
- $2,360 — previous resistance, now support
- $2,320 — 20-week moving average
- $2,280 — strong structural support
**Macro tailwinds:**
1. Central bank gold purchases — global central banks bought 1,136 tonnes in 2024, a pace that continues into 2025
2. Geopolitical uncertainty — Middle East tensions supporting safe-haven demand
3. Rate cut expectations — delayed but not dismissed; softer CPI could accelerate the timeline
**Bearish risks:**
A stronger-than-expected US CPI print could push USD higher and gold back toward $2,320–$2,340.
*Risk Warning: Gold and precious metals are volatile instruments. Always use appropriate risk management.*