Gold Price Prediction: XAU/USD Eyes 4750 Target as Bulls Hold Control Above 4640
Gold (XAU/USD) is showing strong bullish technical conditions in the short term, supported by a clearly defined five-wave advance. Price action continues to develop within an upward-sloping channel marked by higher highs and higher lows, indicating that buyers remain firmly in control as the market consolidates near recent highs.
Key Technical Structure
Five-Wave Advance and Trend Control
Gold’s recent rally follows a textbook five-wave structure, reinforcing the broader bullish trend. The final phase of the advance appears impulsive, suggesting sustained buying pressure rather than exhaustion. Pullbacks have remained corrective, respecting channel support and preserving the overall upside structure.
Key Support Zones
The 4640–4585 zone represents a critical structural support area for gold’s current trajectory. As long as price holds above this range, the bullish trend remains valid. Recent retracements have stayed within the rising channel and have not violated the trend support line, signaling continued buyer defense during consolidation phases.
On an intraday basis, the 4677–4659 zone serves as an important short-term support and resistance area. This level aligns with recent price reactions and consolidation, making it a key reference for near-term market behavior. The most recent swing low is considered the most important support for the current phase; a sustained hold above it keeps bullish momentum intact, while a break would weaken the immediate upside outlook.
Why This Matters
The ability of gold to maintain structure above major support zones highlights ongoing bullish control. The lack of aggressive downside follow-through suggests that sellers remain reactive rather than dominant. This environment favors continuation setups, especially while the broader trend structure remains unbroken.
In addition, strength across the precious metals complex could further support gold. A breakout in silver above its previous high may reinforce bullish sentiment across the sector, adding confirmation to gold’s technical setup.
Upside Scenario and 4750 Target
If corrective moves continue to respect the rising channel and key support zones, gold could extend higher toward the 4750 level. This target aligns with the upper boundary of the rising channel and represents a logical expansion point for the current bullish wave sequence.
As long as gold remains above the 4640–4585 zone, the broader bullish trend remains valid, with potential expansion toward 4750 if the current structure holds.
Risks and Market Behavior
Despite the constructive technical picture, strong trends often invite emotional market behavior. This increases the risk of false breakouts, stop-runs, and short-term traps. Traders should remain cautious around key levels, particularly during periods of heightened volatility and momentum acceleration.
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