XAUUSD quotes dropped below 3,400 USD on news that Iran is ready to negotiate a nuclear deal with the US. Discover more in our analysis for 17 June 2025.
XAUUSD forecast: key trading points
- Market focus: gold is moderately correcting amid potential Middle East negotiations
- Current trend: uptrend persists
- XAUUSD forecast for 17 June 2025: 3,350 and 3,500
Fundamental analysis
XAUUSD prices retreated by the end of Monday following reports that Iran aims to de-escalate military tensions with Israel and may resume nuclear negotiations with the US, provided Washington refrains from joining Israeli strikes.
Today, market participants are closely watching US retail sales and industrial production data for May to assess the current economic outlook. Attention also shifts to the start of the Federal Reserve’s two-day meeting, concluding on Wednesday.
XAUUSD technical analysis
Gold maintains a strong uptrend after rebounding from the 3,300 USD support level. A local downward correction is underway, with the potential for the rally to resume afterwards.
The short-term XAUUSD price forecast suggests growth to the all-time high at 3,500 USD if bulls push prices above 3,400 USD. Conversely, if bears gain a foothold below 3,400 USD, the correction may extend towards 3,350 USD.
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Summary
Gold prices fell below 3,400 USD amid reports of Iran’s willingness to negotiate a nuclear deal with the US. Today’s market focus includes US retail sales and industrial production data.