Gold Price Forecast: Bullish Setup Targets $4,185 as November Momentum Builds

After a rough October filled with sharp swings and profit-taking, gold is starting November on a stronger note. The precious metal has stabilized after dropping from near $4,450 to around $3,900, and now appears to be building momentum for another leg higher.

The Technical Setup

Technical analyst Rashad Hajiyev believes gold could reach $4,175–$4,185 "as soon as possible" if the current recovery pattern continues. The chart is showing a clear bullish base forming—and traders are watching closely to see if gold can break out.

The 2-hour chart reveals gold consolidating between $3,950 and $4,050 after its late-October selloff, with several key levels in play:

• Support zone: $3,950–$4,000 has held firm and acted as a reliable floor multiple times
• Immediate resistance: $4,050–$4,060 marks the breakout level—clearing this could trigger the rally
• Bullish target: $4,175–$4,185, aligning with prior structural highs and the measured move from the current pattern

The chart shows what looks like a bullish flag or mini double bottom—both classic continuation patterns. The RSI has bounced from oversold territory and is trending up, while price action sits above short-term moving averages. As long as gold stays above $3,950, the path of least resistance appears to be higher.

What's Helping Gold?

A few things are working in gold's favor right now. The Fed is keeping rates steady with potential cuts on the horizon for 2026, which has weakened the dollar—typically a tailwind for gold. Geopolitical tensions and economic uncertainty are also driving safe-haven demand. Plus, November tends to be a seasonally strong month for gold thanks to higher physical demand from Asian markets and year-end portfolio adjustments.

Gold looks poised to push toward $4,185 if it can break cleanly above $4,060. The technical picture is turning bullish, and the macro backdrop is supportive. If support at $3,950 holds, traders could see a solid rally in the coming sessions. But if gold slips below that level, expect more sideways action instead. For now, the bulls seem to be back in control—and after a shaky October, gold might just be gearing up for a strong November run.