Gold’s Breakout in Focus – Is $2,900 the Next Target? [Weekly XAU/USD Analysis + Forecast]

Hello, fellow traders!

Gold had a strong week, hitting $2,800 for the first time ever.

At first, the U.S. dollar stayed strong, especially with talk of 25% Trump-era tariffs keeping markets on edge. But as the week went on, weak U.S. GDP numbers and falling Treasury yields gave Gold the boost it needed.

The Fed kept rates steady at 4.25%-4.5%, which didn’t help the USD much, letting Gold stay on its bullish run. Safe-haven demand picked up with more tariff worries, pushing prices even higher.

By Friday, Gold cooled off a bit after inflation data came in as expected, but it still ended the week on a strong note.

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In this week’s update, I’ll:

• Decode the technicals: pinpoint the hidden technical clues that could signal a sudden breakout—or a ruthless selloff.

• Unpack the global data: highlight the global economic numbers making waves and where they could push Gold’s price in the mid term.

• Identify strategic “make-or-break” price zones

• Spot the sentiment shifts: what’s brewing beneath the surface and why this matters for Gold’s future direction.

• Predict what’s next for Gold + trading setups: give away my short-term and mid-term calls for where XAU/USD is headed and offer several trading setups in the current market.

📊 Let’s look at the technical data

Last 3 months - 1h charts

Key takeaway:

Gold is overbought, and a correction is likely before the next move. The bullish trend is still intact, but Gold needs to hold key support levels to continue higher.

Key level to watch (if it breaks, the bullish trend might be in trouble) →