Gold Forecast: Bullish Momentum Targets $4,771–$4,780
By Bruce Powers | Published: Aug 25, 2026
Current Market Overview
Gold has recently reached a new rally high of $4,697, indicating a strong bullish momentum. The price has successfully completed a 50% retracement of a prior decline at $4,689, following a lower target of $4,654 that was achieved earlier. This upward movement is part of a larger bullish pennant pattern that has formed, suggesting potential for further gains.
Key Price Levels
The next significant resistance zone is identified between $4,771 and $4,780. This area is reinforced by the confluence of the 50% retracement of the previous downswing at $4,771 and a lower swing high at $4,774. The market's behavior around these levels will be crucial in determining whether the current rally will continue or face a pullback.
Long-Term Outlook
A long-term bullish signal was triggered last week with a breakout above the downtrend line and the 200-day moving average, which currently sits at $4,521. This level is now a key support zone. If the 200-day moving average transitions from resistance to support, it would further bolster the bullish outlook for gold.
Momentum Analysis
Momentum remains strong, as evidenced by a series of higher daily highs and lows. The most recent daily low of $4,605 is critical; a drop below this level would indicate a potential shift in the bullish trend. As the market approaches the $4,771-$4,780 resistance zone, traders should watch for signs of selling pressure that could signal a pause or reversal in the rally.