The overall narrative for gold price forecasts is supported by macroeconomic themes that remain favourable. Persistent inflationary pressures globally, coupled with ongoing geopolitical tensions, continue to drive safe-haven demand for gold. Central bank policies remain watch points, with the Federal Reserve’s cautious dovish tilt and similar signals from major economies creating an environment where gold can thrive as a hedge.

Technically, the gold price forecast hinges on key chart patterns and indicators. The metal is currently trading above its 50-day moving average, a critical level confirming near-term bullish sentiment. The Relative Strength Index (RSI) has moved back above 55 from oversold conditions during the correction, signalling renewed buying momentum. These signals solidify the gold price forecast that the metal is ready to tackle resistance levels that have limited gains in recent weeks.

Crucial resistance zones lie between $3,405 and $3,425, levels that the gold price forecast identifies as next obstacles. Breaking above this range with conviction on increasing volume would signal a fresh rally phase. Beyond that, the gold price forecast targets $3,475 per ounce, a psychologically important threshold and a technical extension level that could trigger further inflows by momentum traders and institutional investors.

On the downside, the gold price forecast remains mindful of key support near $3,345, followed by $3,245. Breaching these levels would raise questions about the sustainability of the current rebound and could pave the way for a deeper pullback. However, for now, the gold price forecast favours resilience above support zones, reflecting prevailing market dynamics.

Investors eyeing the gold price forecast should also weigh upcoming economic data releases. US non-farm payrolls and inflation reports scheduled later this week pose significant risks and opportunities. Strong jobs data or higher core inflation could reinforce gold’s safe-haven status, while surprisingly hawkish signals from central banks may temper upside enthusiasm. The gold price forecast thus incorporates an element of event-driven volatility in the near term.

Moreover, fiscal and geopolitical risks continue to feed into the gold price forecast outlook. Developments tied to energy security in Europe, ongoing trade negotiations, and global diplomatic tensions sustain interest in gold as a hedge. This geopolitical premium complements the technical chart setup, making the current gold price forecast broadly constructive.

The gold price forecast for August 5 also notes that global ETF holdings in gold have remained steady, signalling sustained institutional interest amid recent price oscillations. Such steadiness lends credence to the idea that the gold price forecast’s bullish scenario is anchored by solid demand from large-scale buyers, not just retail speculation.

In conclusion, the gold price forecast finds XAU/USD well-positioned for a continued climb following a strategic correction. Technical momentum, combined with macroeconomic and geopolitical drivers, supports a scenario where the metal tests key resistance levels and potentially breaches the $3,475 mark. For traders and investors, the gold price forecast emphasises vigilant monitoring of support and resistance zones, alongside macro developments, to navigate the evolving landscape effectively.

With inflation pressures unlikely to abate quickly and safe-haven demand staying robust, the gold price forecast remains an essential part of strategising for the coming days. As volatility persists in global markets, gold stands out as a resilient performer, and the gold price forecast serves as a vital tool for market participants seeking to capitalise on this momentum.