Gold Price Forecast: XAU/USD rises to near $3,360 ahead of Trump-Zelenskyy meet at White House

• Gold price trades higher as investors turn cautious ahead of Trump-Zelenskyy meeting.
• US President Trump and Russian leader Putin met each other in Alaska on Friday.
• Traders are confident that the Fed will cut interest rates in September.

Gold price (XAU/USD) moves higher to near $3,360 during the European trading session on Monday. The precious metal gains as financial market participants turn cautious ahead of meeting between United States (US) President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and a few NATO members at the White House during the day.

Leaders from Europe and US President Trump are expected to discuss concessions proposed by Russian leader Vladimir Putin, in a summit with Trump in Alaska on Friday, for ending war in Ukraine.

The post from Donald Trump on Truth.Social signals that Ukraine needs to push backs its ambitions of claiming Russian-occupied region of Crimea and NATO membership.

"President Zelenskyy of Ukraine can end the war with Russia almost immediately, if he wants to, or he can continue to fight. Remember how it started. No getting back Obama given Crimea (12 years ago, without a shot being fired!), and NO GOING INTO NATO BY UKRAINE. Some things never change!!!," Trump wrote.

Signs of a truce between Russia and Ukraine would dampen the appeal of safe-haven assets, such as Gold.

This week, investors will also focus on the Jackson Hole Symposium, which is scheduled for August 21-23. Investors will pay close attention Fed Chair Jerome Powell's comments for fresh cues on the US interest rate outlook.

In the July's monetary policy meeting, Jerome Powell argued in favor of a "wait and see" approach as the tariff impact has started feeding into prices. Meanwhile, traders are confident that the Fed will cut interest rates in the September policy meeting, according to the CME FedWatch tool.

Lower interest rates by the Fed bode well for non-yielding assets, such as Gold.

Gold technical analysis

Gold price trades in a Symmetrical Triangle, which indicates a sharp volatility contraction. The upper border of the above-mentioned chart pattern is plotted from the April 22 high around $3,500, while the downward border is placed from the May 15 low near $3,180.86.

The yellow metal wobbles near the 20-day Exponential Moving Average (EMA) around $3,351.00, indicating a sideways trend.

The 14-day Relative Strength Index (RSI) oscillates inside the 40.00-60.00 range, suggesting indecisiveness among market participants.

Looking down, the Gold price would fall towards the round-level support of $3,200 and the May 15 low at $3,121, if it breaks below the May 29 low of $3,245.

Alternatively, the Gold price will enter an uncharted territory if it breaks above the psychological level of $3,500 decisively. Potential resistances would be $3,550 and $3,600.

Gold daily chart