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Gold may continue to rise this week with a target price of $3440 and a new high.
[Coin World] Last week, following the weak US Non-farm Payrolls (NFP) data release, gold saw strong buying, which weakened the USD and boosted the XXXUSD currency pair. XAUUSD closed above 3360 USD on Friday, indicating that after some pullbacks, it may continue its bullish trend this week. The bias for gold this week is to buy, with a potential target of 3440 USD, and it may even reach new historical highs above 3500 USD (ATH). With this in mind, let's discuss the key pivot levels for gold trading during the week of August 4 to August 8, 2025.
Some important US economic reports are expected to be released this week, which are expected to affect XAUUSD.
August 5 – ISM Services PMI (Actual: 51.5, Forecast: 50.8): The growth in the services sector was stronger than expected, indicating resilience in the economy, which will boost the USD and put short-term pressure on gold.
August 7 – Unemployment Claims (Actual: 221,000, Forecast: 218,000): A slightly higher number of claims indicates a slight softness in the labor market, which could boost gold through an increase in the Fed's dovish outlook.
As discussed in the previous XAUUSD weekly forecast, the monthly timeframe shows a trend of moving upward towards external liquidity, which is exactly what is happening now. We can expect this trend to continue moving towards 3440 USD and eventually test the previous historical high of 3500 USD.
The 4-hour chart of gold shows clear signs of turning bullish. The strongest buy zone is the breakout block, ranging from 3334 USD to 3325 USD. The 0.5 Fibonacci level also coincides with this area, making it a stronger buy zone for this week.
For selling, there is a bearish OB on the 1-hour chart; however, it should be noted that the trend has turned bullish, and you can only look for short-term selling opportunities in the range of 3365-3373 USD.
In summary, there may be buying and selling opportunities for gold this week; however, buying is clearly preferable to selling. The lower time frames suggest selling, while the higher time frames still favor buying positions in gold. Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.