Gold Price Outlook – Gold Reaches Fresh Highs on Monday

Gold Technical Analysis

The gold market has broken to the upside yet again, and we find ourselves on Monday at fresh new highs in a market that, quite frankly, just will not stop rising. This does make a certain amount of sense, considering that central banks around the world continue to be massive buyers of gold, and of course, there are a lot of central banks out there willing to cut rates or at least keep monetary policy relatively loose. With the Federal Reserve perhaps joining those, that of course will drive prices of gold higher over longer-term moves, as it has been known to do in the past.

Upside Price Targets

Short-term pullbacks continue to be buying opportunities, and now that we are above $4,400, one would have to think that $4,500 is the next target, possibly followed by $5,000. But that would be a move that we will probably late spring of 2026. I have no interest in shorting this market, but if we did fall below the $3,950 level, I would have to have that conversation. But as things stand right now, it looks like we just broke out, and there does seem to be a reasonable amount of volume, especially considering that this time of year tends to be somewhat thin.

Maybe we are getting that Santa Claus rally, risk appetite, and risk assets. All things being equal, there is only one direction to trade this market, and that, of course, is to the upside. With this, I remain bullish on gold, and have no real interest in shorting this market anytime soon.

For a look at all of today’s economic events, check out our economic calendar.