Gold Outlook: Bearish Drop to 2,960 Before Bulls Return?Gold Weekly Forecast – April Week 2
Last week, Gold (XAU/USD) reached a new all-time high at $3,168, before closing the week near $3,035, printing a strong bearish weekly candle.
Despite the current risk-off sentiment in global markets — with the VIX spiking to 29 — Gold is not behaving like a safe haven just yet. Instead, the technicals suggest a pullback is necessary.
There is a clear imbalance and untested support zone around $2,960, which price has yet to revisit.
Primary Scenario:
• Gold may open the week with a bullish bounce toward $3,070
• Then reverse with a sharp bearish leg down to $2,960
• From there, we reassess — Gold could react strongly and resume its bullish trend, or continue correcting deeper.
Bias: Bearish → Bullish (if $2,960 holds)
Key Levels:
• Resistance: $3,070
• Support: $2,960 (main zone to watch)
This scenario matches both the technical need for a pullback and the macro confusion around gold’s role as a safe haven this week.
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Weekly forecast by Sphinx Trading
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