Gold stalls, Lisa D. Cook could spark a new upward wave in XAUUSD

Gold is forming a corrective wave ahead of a potential rise towards the 3,420 USD level. Find more details in our analysis for 6 August 2025.

XAUUSD forecast: key trading points

• Speech by Federal Reserve Governor Lisa D. Cook
• Current trend: moving upwards
• XAUUSD forecast for 6 August 2025: 3,420

Fundamental analysis

Today’s XAUUSD analysis shows gold trading near 3,372 USD per ounce, forming a correction after previous gains. Despite price pullbacks, gold continues to hold its ground due to ongoing economic uncertainty and geopolitical tensions.

The XAUUSD forecast for 6 August 2025 takes into account that Federal Reserve Governor Lisa D. Cook will speak today. This marks the first Fed official’s public comments following the disappointing US employment data.

What to expect from the speech:

• A cautious stance on monetary policy – as in her previous remarks, Lisa D. Cook is likely to reiterate her commitment to a wait-and-assess approach, especially amid persistent uncertainty around inflation and the impact of US tariffs
• Assessment of the current economic outlook – she may address inflation risks and the labour market dynamics after the weak jobs report
• Hints at a gradual approach to rate cuts – Cook might again signal that the Federal Reserve is not rushing to cut rates but remains open to a gradual and cautious easing path if economic data deteriorates

The speech will take place in a discussion format, which means the tone could be less direct compared to a press conference.

XAUUSD technical analysis

On the H4 chart, XAUUSD prices have formed a Harami reversal pattern near the upper Bollinger Band. The quotes are now forming a downward wave in response to that signal. Since XAUUSD quotes have returned within the ascending channel, there is potential for the uptrend to resume after the correction. The current target for this pullback is the 3,350 USD support level.

However, today’s XAUUSD technical analysis also considers an alternative scenario, where the price may rise to 3,420 USD without testing the support level.

There is still the possibility for the uptrend to continue, with XAUUSD prices potentially heading towards 3,500 USD in the near term.

Summary

Weaker US employment data has weighed on the US dollar, allowing gold to regain some lost ground.