Is Gold headed for $2,480, or are bulls ready to take control?[Weekly XAU/USD analysis + forecast]
Hello, fellow traders!
After two weeks of losses, Gold briefly climbed to $2,700 on news of China resuming Gold purchases after a six-month pause. However, mixed U.S. economic data and an Israel-Palestinian ceasefire weighed on prices, pulling them below $2,650 later in the week.
The Fed’s upcoming policy announcement will be key for Gold’s outlook. Signals of further rate cuts could boost Gold, while a hawkish stance may strengthen the USD and limit gains.
As the holidays near, seasonal profit-taking and volatility could lead to unpredictable price swings.
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: give away my short-term and mid-term calls for where XAU/USD is headed.
📊 Let’s look at the technical data
Last 6 months - 2h charts
Key takeaway:
The overall sentiment is leaning bearish, with signs pointing to more downside pressure. Sellers are in control right now, and the double top pattern could trigger a deeper drop.
That said, bulls still have a shot at holding key levels. If the price manages to break above 2,660 and the CMF (Chaikin Money Flow) starts showing improvement, it might be worth considering a cautious long position. A rebound toward 2,680–2,700 could be in play if buyers step in.
Double top forming: a bearish reversal signal, target $2,480.
Bulls are losing strength: Momentum (MACD), trend strength (ADX), and capital flow (CMF) show sellers are dominating. The Ichimoku cloud and moving averages (like the 50 EMA around 2,685 and the 200 SMA around 2,658) show that the medium-term uptrend is not broken yet, but there’s a loss of momentum.
Gold at critical zone:
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