Gold Prices Hang in Balance as Trendline Support Tested Next Week

The gold price has retreated to a point where its next move could have significant implications for the broader market. According to analyst Rashad Hajiyev, next week's performance may determine whether the current trendline support survives.

Hajiyev expects a recovery from present levels but notes that the gold price must clear nearby resistance before this expectation becomes a stronger technical case. The chart now presents a straightforward test: whether the latest decline ends with another bounce or develops into a deeper correction.

The rising trendline behind the broader recovery is currently being tested, and a sustained break below it would weaken the idea that the advance is ready to resume from present levels. The immediate resistance near $4,240 is the next test above the current price, and a move above this level would provide an initial sign that the latest decline is losing strength.

Major financial institutions project gold to reach anywhere from $4,900 to $6,300 per ounce by the end of 2026, building on an intra-year high of over $5,590 reached in January. However, a deeper correction below $3,950 would bring $3,400 into the discussion for the coming weeks and undermine the rising structure behind Hajiyev's bullish expectation.