Gold concludes the trading week with a decline, hovering near the 3875 level. XAU/USD quotes continue to move within a downward trend, while simultaneously forming a bullish “Wolfe Wave” pattern. Moving averages indicate an overall uptrend for Gold. Prices have broken below the area between the signal lines, suggesting pressure from buyers and the potential for continued price growth. In the near term, we should anticipate a brief decline toward the support level near 3715, followed by an upward rebound and further gains for XAU/USD throughout the current trading week, with a potential target above 4425.
GOLD Weekly Forecast XAUUSD November 2 – 6, 2026
An additional signal supporting a rise in Gold prices during the week of November 2–6, 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 bullish “Wolfe Wave” pattern. The bullish outlook for XAU/USD would be invalidated if the price falls and breaks below the 3485 level; this would signify a breach of the lower boundary of the bullish channel and point to a continued decline in Gold prices, with a target below 3105. Conversely, a breakout above the resistance area—confirmed by a close above 4035—would signal a breach of the upper boundary of the descending channel, further validating the potential for an increase in the asset’s value.
GOLD Weekly Forecast XAUUSD November 2 – 6, 2026 suggests an attempt to develop a bearish correction and test the support level near the 3715 area. This would be followed by a resumption of the rise in gold prices, targeting levels above 4425. A test of the trend line on the Relative Strength Index (RSI) indicator would support an upward move. The bullish scenario for gold would be invalidated if the price falls and breaks below the 3485 level; this would signal a continued decline toward the area below 3105.
