Gold market analysis

Gold price expected to rise above $4,400 this week  
September 6, 2026, 11:01 AM  

As anticipated, gold prices rebounded. According to the hourly chart, yesterday's spot gold price dropped to $4,268.7 during the early Tokyo session, then recovered to reach a high of $4,317. However, it subsequently declined again, hitting a low of $4,273 near the start of the European session before launching a broader recovery. The price regained the 20-period SMA (currently around $4,322) and climbed as high as $4,346.5, followed by a pullback for consolidation. This morning, although there was a slight test below the 20-SMA, gold quickly returned above the moving average. 

The current gold price movement largely aligns with yesterday's assessment, showing a short-term bottoming and rebound pattern. Therefore, it is expected that gold prices will gradually rise over the remainder of this week. If gold rebounds by 50% of its largest decline since May 29, it could reach $4,431.86. As clearly visible on the hourly chart, this level approximately corresponds to the support line of a flat-bottomed descending triangle formed prior to the sharp drop, suggesting it may act as the key short-term resistance for the rebound. 

Therefore, buying on dips should be the primary strategy. However, it's important to note that although gold has regained support at the Gann 225-degree angle of $4,310, the key resistance remains at $4,410. The aforementioned projected upside target slightly exceeds this level, so long positions should consider taking profits once gold reaches or surpasses $4,410. Aggressive traders might even consider short-term counter-trend selling, but strict stop-loss orders must be set and strictly adhered to. In the short term, the 20-period SMA on the hourly chart should be regarded as strong intraday support. A weaker scenario would see gold break below this line, retest $4,260, form a double bottom, and then rebound. Whether to chase the breakout lower or wait for a pullback to buy will depend entirely on the investor's risk appetite and trading approach. 

The above information is for reference only and does not constitute investment advice.