What’s the forecast for gold next week?

Hey traders!

Gold had a bumpy ride this week—lots of chop, and some of you got caught on the wrong side and took losses. Total “whipsaw week” vibes.

It started with a deep drop, then a V-shaped rebound… ended up closing lower after wild swings, making it the fourth down week in a row. But Friday saw a solid bounce that clawed back some of the losses. Our call to go long on Friday was spot-on—even after the spike to 4555 late night, we warned about a pullback risk. Everything played out just as expected.

So what’s weighing on gold? High oil prices fueling inflation, plus a strong dollar and Treasury yields. But then Friday’s rally? Mostly geopolitics—U.S.-Iran tensions flaring up again in the Middle East. That situation keeps flipping, so any news flash can send gold soaring. We’ve said it before: until things cool down over there, don’t expect the trend to really flip.

Next week, watch for support around 4400, resistance around 4550–4600. Keep an eye on U.S. GDP, PCE data, and of course, Middle East updates. Short-term plan? Buy on dips.