Gold Market Weekly Technical Analysis
Published: January 09, 2026
Current Market Overview
The gold market has shown notable strength in the past week, with prices approaching the significant $4,500 level. Following the release of a weaker-than-expected jobs report, the market has continued its upward trajectory, reflecting ongoing bullish sentiment among traders.
Key Price Levels
Currently, the $4,400 level appears to be establishing itself as a support floor, with a potential range extending down to $4,350. On the upside, the $4,600 level has proven challenging to breach. However, a successful breakout above this level could lead to a measured move towards $4,900, based on the formation of an ascending triangle pattern.
Future Projections
Should the price reach $4,900, it may pave the way for a further ascent towards the $5,000 mark, which is anticipated to be achieved sometime in 2026. Despite the upward momentum, the market may experience some fluctuations as it consolidates and builds momentum. A decline from current levels could see support at $4,200, where additional buying interest is expected.
Market Sentiment
There is a prevailing sentiment against shorting gold, as central banks globally continue to accumulate the asset. The current economic landscape suggests a softening economy, with many central banks either easing monetary policy or facing significant debt challenges, all of which support the bullish outlook for gold prices.
Conclusion
In summary, the gold market is poised for potential growth, with key resistance and support levels identified. The ongoing accumulation by central banks and the broader economic context suggest that gold may continue to rise, making it an attractive asset for traders and investors alike.