Gold (XAU) price prediction turns bullish near $4,716 after a confirmed descending channel breakout. The move validates the prior BeInCrypto target at $4,772 and shifts attention toward $4,850 before Friday’s jobs data.
The daily and four-hour structures both lean higher. Analyst Karcebe expects closings above $4,720 to fuel a push toward $4,850 as Friday’s data raises volatility.
Gold Daily Chart Holds Higher Low Above Key Fibonacci Support
The daily XAU/USD chart shows a constructive setup after the all-time high at $5,598 printed in late January. Price corrected to the 0.618 Fibonacci retracement at $4,376, then bounced to the 0.382 Fibonacci near $4,843.
A second corrective leg printed a higher low above the 0.5 Fibonacci at $4,609. Price is now climbing back toward the 0.382 resistance zone for a third attempt.
Daily RSI sits in neutral territory near 45, with no overbought condition limiting upside. Volatility readings have begun to expand, suggesting the market is preparing for a directional move.
A clean break of the 0.382 Fibonacci at $4,843 opens the path to the 0.236 Fibonacci at $5,131. A failure at the 0.618 Fibonacci flips the structure and exposes the 0.786 Fibonacci near $4,044.
Four-Hour Chart Hits Bullish Target
The four-hour chart confirms that the prior BeInCrypto gold analysis was correct. A descending parallel channel framed price action from April 17. It capped every rally inside its upper bound until May 1, when bulls finally broke out.
The breakout was followed by a textbook retest of the channel midline near $4,540. The blue circle on the chart marks that level. Buyers defended that zone on May 5, then pushed the price toward the bullish target at $4,772 on May 7.
However, the latest four-hour candle prints a 1.13% red rejection from the target, with price falling back to $4,692. The pullback signals near-term profit-taking before the heavy NFP catalyst.
The four-hour RSI has reached bullish territory without entering overbought territory, leaving room for further upside. Volatility expanded sharply during the breakout and is now cooling, a typical post-impulse pause.
Gold (XAU) Price Prediction Points to $4,850 Main Target
The hourly chart shared by analyst Karcebe shows gold breaking above its descending channel. The move converts prior resistance near $4,716 into support.
According to Karcebe, closings above $4,720 will trigger the next bullish wave. The first target sits near $4,785. The main target is $4,850, a level that aligns with the daily 0.382 Fibonacci.
“Gold has reached the $4730 target I expected after breaking the descending channel…Closings above $4720 will start another upward wave. The first target above is around $4785, the main target is $4850.”
Karcebe also flagged Friday’s Non-Farm Payrolls release as the next major catalyst for gold. Stronger jobs data could lift the dollar and push prices higher. A weak print would likely fuel another leg toward $4,850.
A loss of $4,670 would invalidate the immediate bullish thesis and return focus to the channel midline near $4,540. Until that level breaks, the path of least resistance points higher.
Don't Miss Today's Market Moves Start trading Forex, Gold & Crypto today Regulated platform | Fast withdrawals* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
