Gold Price Forecast for Next Week

Gold Price Forecast for Next Week (6th July - 10th July 2026)

Weekly COMEX Gold prices closed at 4174.76, their highest level since June 23, posting a 2% weekly gain after four consecutive weeks of losses. The rally was driven by weaker-than-expected US labour data, with June nonfarm payrolls rising by just 57,000, well below the 110,000 forecast and marking the smallest increase in four months. This reduced expectations of a near-term Federal Reserve rate hike, with the CME FedWatch probability of a September hike falling to 50% from 66%. Meanwhile, Fed Chair Kevin Warsh reiterated the Fed's commitment to returning inflation to 2%, while noting easing inflation risks. A weaker US dollar, heading for its biggest weekly decline since April, further supported gold. Central banks added 41 metric tons to reserves in May, while Indian physical demand softened and Chinese buying improved slightly. Markets now await the US ISM Services PMI, existing home sales, and full trade balance.

After fall of couple of weeks, Gold price has rebounded and shown a signs of strength past week where price has surged by +2.20% past week and closed at 147,365. Price has resumed on a flat note and made a support low at 140,552. Price has continued to sustain over 200-DEMA level placed at 140,915 which will be crucial support to look for, Immediate resistance would be at 50 and 100-DEMA levels placed at 150,680 and 149,665 respectively. Breakout of this levels will boost further upward momentum in Gold price in upcoming week. With price rebound, we can observe a sustained levels in Ol which has been risen to 10,630 lots. On MACD, we can observe a convergence on Daily timeframe with emergence of positive histogram, suggesting bullish bias in Gold price.

The overall trend in Gold price is expected to be Moderately Bullish in the coming week, and traders should keep an eye on key US economic data such as Manufacturing PMIs, and employment data such as Weekly employment, Trade balance and Unemployment claims which are scheduled to be release in next week.

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Prediction given by Technical Research Team - Choice.