Gold is ending the trading week with a decline near the 4055 area. XAU/USD quotes continue to move within a developing correction and bullish channel. Moving averages indicate an uptrend in gold. Prices have broken below the area between the signal lines, indicating selling pressure and potential further price declines. Currently, we expect an attempt to lower prices and a test of the support level near the 4015 area. Subsequently, we expect an upward rebound and continued growth in XAUUSD this trading week, with a potential target above 4665.
GOLD Weekly Forecast XAU/USD August 3 – 7, 2026
An additional signal favoring growth in gold quotes and prices this trading week (August 3-7, 2026) will be a rebound from the support line on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the bullish channel. The XAU/USD price increase would be cancelled by a price decline and a breakout of the 3865 area. This would indicate a breakout of the lower boundary of the bullish channel and a continued decline in gold prices with a target below 3385. A breakout of the resistance area and a close above 4235 would confirm the asset’s price increase, signaling a breakout of the upper boundary of the downward correction channel and increasing bullish pressure.
GOLD Weekly Forecast XAU/USD August 3 – 7, 2026 suggests an attempt to develop a bearish correction and test the support level near 4015. Subsequently, gold prices will continue to rise with a target above 4665. A test of the trendline on the relative strength indicator (RSI) would support a price increase. A decline and a breakout of 3865 would cancel out the gold rally. This would indicate a continued decline below 3385.
