Gold concludes the trading week with a decline, hovering near the 4178 level. XAU/USD quotes continue to move within a downward trend, which is also forming a “Head and Shoulders” reversal pattern. While moving averages currently point to an overall uptrend for Gold, the price has broken below the area between the signal lines—a development that suggests pressure from buyers and the potential for further price growth. In the near term, we should anticipate an attempt at a decline, testing the support level near 4160. This is expected to be followed by an upward rebound and continued growth for XAU/USD throughout the current trading week, with a potential target above the 5145 level.
GOLD Weekly Forecast XAU/USD October 19 – 23, 2026
An additional signal supporting a rise in Gold prices during the week of October 19–23, 2026, is a rebound from the support line on the Relative Strength Index (RSI) indicator. A second supporting signal is a bounce off the lower boundary of the “Head and Shoulders” reversal pattern. The bullish outlook for XAU/USD would be invalidated if the price falls and breaks through the 3805 level. Such a move would signify a breach of the lower boundary of the bullish channel, leading to a further decline in Gold prices toward a target below 3365. Conversely, confirmation of an upward move would occur if the price breaks through the resistance area and closes above 4765, signaling a breakout above the upper boundary of the “Head and Shoulders” reversal pattern.
GOLD Weekly Forecast XAU/USD October 19 – 23, 2026 suggests an attempt at a bearish correction, testing the support level near the 4160 area. This would be followed by a resumption of the upward trend, with a target above the 5145 level. A test of the trend line on the Relative Strength Index (RSI) indicator would support further gains. The bullish scenario would be invalidated if the price falls and breaks below the 3805 level, which would signal a continued decline toward the area below 3365.
