Moderate volatility may continue throughout this trading week.
XAU/USD short-term forecast
XAU/USD is in a corrective phase following a parabolic rally that peaked near record highs on January 29, followed by a sharp pullback. The current price is around 4763.18. While the long-term bullish trend remains supported by central bank demand and geopolitical risks, the short-term trend has shifted bearish. The hourly chart shows lower highs and lows, though there is a potential for a minor rebound. Key resistance levels are near recent highs and a critical psychological level, while support lies around key short-term inflection points. The MACD histogram shows diminishing bearish pressure, suggesting a possible rally ahead.
XAU/USD daily charts review
Gold hit an all-time high, before a sharp drop the following day, with the current price around 4763. The long-term trend remains bullish, but short-term action has entered a corrective phase, triggered by profit-taking and a hawkish Fed outlook.Resistance is near the recent highs, while support is around the 50-day moving average and a key lower level. The RSI has cooled from overbought levels, signaling less upward momentum but not yet oversold.If Gold fails to hold support, further downside could occur, but a close above the recent resistance would suggest a potential retest of the highs.Daily Candle Chart
Traders going long
As of February 2, 2026, XAU/USD sentiment remain bullish due to central bank demand, while short-term retail sentiment is heavily long following a historic reversal from record highs.