The Gold Rally Isn't Over Yet
Goldman Sachs remains very optimistic about gold. Recent inflows into gold-backed ETFs and retail investor interest have far exceeded their expectations, creating an "upside opportunity" to exceed their $4,000/oz (mid-2026) and $4,300/oz (late next year) targets. In fact, a scenario of gold approaching $5,000/oz is considered increasingly likely if a small portion of US Treasury securities funds shift into gold.
In terms of prices, gold has risen around 12% since August 29th, breaking out of the $3,200–$3,450 range. This rise isn't solely driven by speculators; central bank buying and expectations of a Fed interest rate cut have also contributed, resulting in a nearly 50% year-over-year surge in gold, breaking the 1980 real record. Thursday morning, prices were around $3,865/oz, extending a five-day rally. Concerns about a US government shutdown, which has weighed on the dollar, have also added to gold's appeal as a safe-haven asset.
At the time of writing, the gold price is at $3,865.
- Buy if the price moves within the $3,872 range.
- Sell if the price moves within the $3,858 range.
Resistance 2: $3,886
Resistance 1: $3,879
Support 1: $3,851
Support 2: $3,844
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
