XAU/USD quotes continue to move as part of a correction and the formation of a Triangle pattern. At the time of this forecast’s publication, the gold price today is $4,081 per troy ounce. Moving averages indicate a short-term bearish trend. Prices have broken above the area between the signal lines, indicating upward pressure from asset buyers and a potential continuation of the decline from current levels. Currently, we expect an attempt at a bullish correction in gold prices and a test of the resistance level near 4,125. From there, we expect a downward rebound and a continued decline in gold prices, with a potential target below 3,835.
GOLD Forecast and XAU/USD Analysis for July 31, 2026
An additional signal favoring a decline in XAU/USD quotes will be a test of the bearish trendline on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the Triangle pattern. A strong rally and a breakout of 4195 would cancel out the potential for a gold price decline on July 31, 2026. This would indicate a breakout of the resistance area and continued growth above 4475. Expect the XAU/USD price decline to accelerate with a breakout of the support area and a price close below 3975, which would indicate a breakout of the lower boundary of the Triangle pattern and the beginning of a pattern with targets below.
GOLD Forecast and XAU/USD Analysis for July 31, 2026 suggests an attempt to develop a bullish price correction and test the resistance area near 4125. Subsequently, base metal prices are expected to continue to decline, with a target below 3835. A strong rally in the market and a breakout of 4195 would cancel out this downward trend in gold prices. This would indicate continued price growth, with a potential target above 4475.
