Gold Price Forecast: Next Week, Coming Days and Long Term (XAU/USD)

The June low holds the counter-move up. The counter-move failed at the resistance zone around $4,100. After that the price fell through the 4,000 mark and the June low down to the new yearly low at $3,870. On Monday it ran up to $3,970.3, turned down again at the June low and stands at $3,920.6 at the red line. The weekly close below 4,000 dollars was also a psychologically negative signal, because many market participants watch round numbers.

The 4-hour chart shows the last days more closely. If the counter-move gets beyond the June low, the 4,000 area is the next test; around $4,100 lies a clear resistance zone. Only when gold takes out the July high at $4,203.2 and the October peaks up to $4,227.9 on a daily close does the picture turn positive again.

The daily chart shows three levels that matter now. Below, the new yearly low at $3,870 with the April 2025 high at $3,500.1 as the next support; in the middle the resistance zone around $4,100; above, the July high at $4,203.2.

On the daily chart the pressure is on the grey line. It had recently acted as support and could now set the angle of the further down move. Last week gold first recovered to $4,083.4 and failed at the resistance zone around $4,100. On Friday, 30 October, gold opened at $4,021.3, rose to $4,026.4, fell to $3,870.3 and closed at $3,875.2, firmly at the low. On Monday, 2 November, gold opened at $3,874.3 and rose to $3,970.3. On Tuesday, 3 November, gold opened at $3,946.3, rose to $3,964.4, fell to $3,916.3 and stood at $3,921.8 at 07:18 CET, below the June low.

The 4,000 mark together with the June low was the breaking point. Both are broken, which led to the new yearly low at $3,870. Now the June low at $3,942.7 offers resistance to the counter-move, and the area around $3,900 could support. Above it, the area around $4,100 is a clear resistance zone.

Above are the July high and the October peaks. The July high is at $4,203.2, and the peaks from October reach $4,227.9. Only when gold takes out these levels does the scenario turn positive again. Otherwise the April 2025 high at $3,500.1 is a relevant and realistic target until the year end.

All charts on this page show the spot price (TradingView: GOLD). The monthly and yearly charts show Friday's close on 30 October 2026 and were exported on 31 October at 09:24 and 09:23 CET; the weekly, daily and 4-hour charts show the state of 3 November 2026, 07:17 to 07:19 CET. Every caption names its own state. Gold futures trade at slightly different prices than XAU/USD spot.

On the weekly chart the downward tendency continues. The recovery from the 2026 low turned down in August in the area of the red downtrend line from the record high, just above the 2025 high at $4,550.5. A correction followed that ended its ninth week with this week. The short sideways phase of two possible reversal weeks has failed.

The possible reversal bars of the previous weeks are neutralized. Gold opened at $3,992.6, rose to $4,083.4, fell to $3,870.3 and closed on Friday at $3,875.2, firmly at the weekly low. The bar shows a strong down week with a range of about $213.

The weekly close is below the June low at $3,942.7. In addition the thinner red line of the series of lower lows is broken on a closing basis, which is also a signal for further weakness. The new week began with a recovery: gold opened at $3,874.3 and rose to $3,970.3, and at the June low the counter-move met resistance. At 07:17 CET the price stands at $3,921.2; up to the resistance zone around $4,100 there is still some way to go.

With the new yearly low all previously built support zones are broken. The next relevant support is the April 2025 high at $3,500.1, a striking peak and at the same time a psychological zone. The distance to the price shows that the downside potential could still have some way to go. What follows is described by the three scenarios directly below.

Two US dates are coming up in the next two weeks. They are reasons to read the chart again, not a forecast of a particular reaction. The times are Eastern Time, with central European time in brackets.

6 November, 8:30 a.m. ET (14:30 CET): US jobs report (non-farm payrolls) for October (BLS release schedule).

10 November, 8:30 a.m. ET (14:30 CET): US consumer prices (CPI) for October (BLS release schedule).

Gold is priced in dollars, so US rates and inflation matter. The Fed raised its target range to 3.75 to 4.00 percent on 16 September. The background is in our article on the Fed rate decision; the dollar side is covered in the EUR/USD forecast.

The area around $3,500 below and the July high above decide. The price levels come from Karsten's charts; the closing conditions are an editorial guideline: confirmed on a daily close, invalidated on a weekly close. They are reference levels, not order rules.

The monthly chart shows October with a close below the June low. The June low at $3,942.7 had been the yearly low so far. The close below it is a signal that could bring further weakness. A counter-move could still lead to a retest of the 4,000 area, and the outlook has thereby tipped into the negative.

In the bigger picture the monthly chart looks like a sideways move with falling highs. The record high of $5,598.8 in January was followed by a lower high in March and an even lower one in August. For the longer term that looks negative at the moment. October opened at $4,159.9, reached $4,227.9 and fell to $3,870.3. At $3,875.2 the monthly close is below the June low and close to the new yearly low.

Gold and silver often move in the same direction over the long term, but not at the same pace. The levels for the second precious metal are in the silver price forecast. The other industrial and precious metals are covered in the platinum, palladium and copper forecasts.

The yearly chart shows gold well back from the all-time high of 2026. Each bar is one calendar year. Gold opened 2026 at $4,318.3, reached the record high at $5,598.8 and set a new yearly low at $3,870 below the 4,000 mark. At $3,875.2 the price stands just above it, which could mean even lower quotes for the rest of the year. 2026 remains a possible reversal year.