Gold Weekly Summary and Forecast 3/7/2026Gold vs US DollarICMARKETS:XAUUSDSteadyFundLast week I am expecting gold to at least reach 5400 or even 5500. It did go up to 5400 on Monday and quickly reversed and dropped as low as 5000. After consolidation between 5100 and 5200, gold closed the week on a negative note. First glance it seems the weekly drop is a normal retrace. However, when I looked at the silver chart, a head and shoulder pattern can be easily spotted. A second look at the gold's weekly candles, we can see lower high has been formed, with previous high at around 6k. Therefore, I am expecting bigger drops next week. My first target will be 4735. It's even possible to go to 4500 again. Let's see what the market will give us next week.