Gold Price Outlook 5 October - 9 October 2026: XAUUSD

XAUUSD Weekly Technical Review & Market Outlook | 5 October - 9 October 2026

🪙 Weekly Technical Review & Market Outlook — XAUUSD

The bearish Quasimodo (QM) pattern remains intact and has continued to exert downward pressure on gold, pushing the price towards the USD 4,105 support level.

Gold is currently trading around the middle section of the bearish channel (light brown) while simultaneously testing the lower boundary of the long-term bullish channel (light blue). This creates an important technical decision area where buyers and sellers are likely to compete for control.

📉 Downside Levels to Watch

Based on the current bearish structure, there is a possibility that gold may continue to test lower levels this week or next week.

The key areas to monitor are:

• Demand Zone: USD 4,021–USD 4,054

• Support: USD 3,962

• Support: USD 3,887

• Major Demand Zone: USD 3,816–USD 3,880

The USD 4,021–USD 4,054 Demand Zone will be the first important area to watch. Strong bullish rejection from this zone could trigger a temporary rebound.

However, if sellers successfully break and close below this Demand Zone, attention may shift towards USD 3,962, followed by USD 3,887. A stronger bearish continuation could eventually bring the USD 3,816–USD 3,880 Demand Zone into focus.

🔑 GS Gold Outlook

For now, the bearish structure remains intact, but gold is approaching several important support and demand areas. Therefore, rather than assuming that all lower targets will be reached, we should monitor how buyers react at each level.

USD 4,021–USD 4,054 will be the first key decision zone. A confirmed breakdown would increase the probability of further downside.

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Disclaimer: This analysis is based solely on technical analysis and current market structure. Fundamental developments, geopolitical events, and U.S. economic data releases may significantly influence gold prices. The levels highlighted represent potential technical areas and do not guarantee future price movements.