Gold Weekly Summary and Forecast 4/26/2025

Last week I predicted gold would go up first and down afterwards and closed the week with a red candle. However, instead of 3400, gold touched 3500 and closed the week at 3319 with a red candle. I consider this as retrace rather than trend reversal. The overall bullish trend still valid.

As shown in the chart, gold has broken the channel, I would expect retest of the channel and bounce off from there. Therefore, next week, I would price drop in the first few days and possible reversal in the last two days.

It will be interesting to see how the months closes. If it closes below 3122 which will print a red monthly candle, we may have a deeper retrace.

Let's see how the market plays out next week.