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Gold Price Forecast: XAU/USD rallies further with the $5,000 level on focus

April 1, 2026

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XAU/USD hits fresh highs at $4,600, amid generalised US Dollar weakness.
Hopes about a quick end to Iran’s war have boosted risk appetite.
Gold extends its recovery with bulls looking at the $5.000 area.

Gold (XAU/USD) appreciates for the fourth consecutive day on Thursday. The US Dollar (USD) tumbles as hopes of a quick end to the Iran war have improved risk appetite and triggered significant pullbacks in US Treasury yields. The precious metal has rallied to nearly two-week highs past $4,600, bringing the $5,000 target into the bull’s focus.

US President Donald Trump boosted sentiment on Tuesday, affirming that the US Army could withdraw from Iran within the next two or three weeks, whether or not there is a deal. Trump also said that Tehran will be unable to build a nuclear weapon “for years” and that the Strait of Hormuz will reopen “automatically” after the US exit.

The US president is expected to address the nation on Thursday at 01:00 GMT to provide an “important update” on Iran.

Technical Analysis

The 4-hour chart shows XAU/USD trading at $4,747 with technical indicators highlighting a near-term bullish bias. The Relative Strength Index (RSI) is approaching, but not yet at overbought territory, and the Moving Average Convergence Divergence (MACD) histogram expands positively, endorsing the positive momentum.

The precious metal has breached resistance at the 38.2% Fibonacci retracement of the March sell-off, at the $4,600 area. The immediate trend suggests that the pair remains in the C-D leg of a Gartley pattern, targeting the $5,040 area, a previous support-turned-resistance on March 16 and 17.

On the downside, bears would need to push the pair below the mentioned $4,600 arera to ease bullish pressure and bring the March 26 low, at $4,355, and the year-to-date low, at $4,100, back to the table.