Gold is ending the trading week with a decline near the 4454 area. XAU/USD quotes continue to move as part of a downward trend and the formation of a head and shoulders reversal pattern. Moving averages indicate an upward trend in gold. Prices have broken above the signal lines, indicating selling pressure and potential further price declines. At this point, we should expect an attempt to lower prices and a test of the support level near the 4115 area. Further upward price rebounds and continued growth for XAU/USD this trading week, with a potential target above 5305.
GOLD Weekly Forecast XAUUSD August 31 – September 4, 2026
An additional signal favoring growth in gold quotes and prices this trading week (August 31 – September 4, 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 Head and Shoulders reversal pattern. A price decline and a breakout of the 3835 area will cancel out the upward trend in XAU/USD quotes. This will indicate a breakout of the lower boundary of the bullish channel and a continued decline in gold prices, with a target below 3365. A breakout of the resistance area and a close above 4885 will confirm the asset’s price growth, indicating a breakout of the upper boundary of the Head and Shoulders reversal pattern.
GOLD Weekly Forecast XAUUSD August 31 – September 4, 2026 suggests an attempt at a bearish correction and a test of support near 4115. Subsequently, gold prices will continue to rise with a target above 5305. A test of the trendline on the relative strength indicator (RSI) would support an upside move. A decline and a breakout of 3835 would invalidate the upward trend for gold, indicating a continued decline below 3365.
