Gold Price Forecast for Next Week

Gold Price Forecast for Next Week (2nd - 6th February 2026)

MCX gold prices witnessed a dramatic Friday session, plunging 12% in a single day, settle at the 149,653 level. On a weekly basis, prices retreated by 4% as aggressive profit-taking triggered a broader correction across the precious metals complex. This pullback followed a historic rally the strongest since the 1980s, which had previously propelled gold to record highs driven by persistent USD weakness and intense global uncertainty. President Donald Trump recently signed an executive order imposing tariffs on countries supplying oil to Cuba, heightening pressure on Mexico. Simultaneously, Middle Eastern tensions flared as Iran vowed a swift response to US pressure regarding nuclear talks. Domestically, the nomination of Kevin Warsh as the next Fed Chair has finally provided clarity on future US monetary leadership. Looking ahead, investors are bracing for a high-impact week featuring the US jobs report, JOLTS, and ADP data, alongside crucial interest rate decisions from the ECB, BoE, and RBA.

Gold price has finally paused its euphoric momentum in past week, after reaching its ATH level of 193,096 in April contract, price has made a dip of -22%, had a nosedive of nearly -42,000 points and closed on a bearish note at 150,849. Gold price has resumed on a positive note earlier in this week, made a Spinning top daily candle at peak of the chart, suggests an indecisiveness in traders. Gold price settled above its key moving averages i.e. 50 and 100-EMA levels placed at 144,741 – 133,570 respectively. Immediate upside hurdle would be at 157,122. Along with a price-decline, OI levels has plunged to 10,570 lots in April contract. The momentum indicator, RSI has loosen its upside streak and dumped below 50 on Daily timeframe. Also, we can observe a convergence on MACD above zero-line along side declining positive histograms.

The overall trend in Gold price is expected to be Moderately Bearish in the coming week, and traders should keep an eye on key US economic data such as Services PMI and key employment data such as Avg. hourly earnings, NFP, Unemployment rate and Unemployment claims which are scheduled to be release in next week.

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Prediction given by Technical Research Team - Choice.