Gold (XAU/USD) Price Forecast: Upswing Strengthens as New Highs Near
Author: Bruce Powers
Published: January 9, 2026
Overview
The article discusses the recent bullish trend in gold prices, highlighting a significant upswing that has resumed after testing key moving-average support levels. The analysis indicates that gold is on track to potentially reach new record highs, driven by strong market dynamics and technical indicators.
Key Points
- Recent Performance: Gold prices have shown a bullish continuation, bouncing from support near the 20-day moving average and reaching an eight-day high of $4,517. A daily close above $4,500 is anticipated to confirm this bullish trend.
- Support Levels: The 10-day moving average has acted as dynamic support, with the recent price action indicating a higher swing low, reinforcing the bullish outlook.
- Fibonacci Analysis: The article notes that both the October and late-December pullbacks found support near the 38.2% Fibonacci retracement level, suggesting strong demand and underlying strength in the market.
- Resistance Zones: The next resistance levels to watch are between $4,664 and $4,766, based on long-term measurements from previous years.
- Downside Risks: Key downside levels include Thursday’s low of $4,408 and the 20-day average at $4,392. Maintaining prices above these levels is crucial for sustaining the bullish trend.
Conclusion
The article concludes that gold is poised for a potential breakout to new highs, contingent on maintaining support levels and improving momentum. The analysis provides a comprehensive view of the technical indicators that suggest a strong bullish sentiment in the gold market.
About the Author
Bruce Powers is a seasoned finance professional with over 20 years of experience in financial markets. He holds an MBA and is a CMT® charter holder, having served as head of trading strategy at hedge funds and as a corporate advisor for trading firms.