Gold Price Forecast: Oil and Higher Yields Delay the Next Major Rally
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Key Points:
- A recovery in oil prices and rising Treasury yields may keep gold under pressure below $4,350 in the short term.
- Economic uncertainty and continued central-bank buying support the broader bullish outlook for gold.
- Gold must hold above $3,950 and recover above $5,000 to confirm the next major rally.
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Gold (XAU) prices ended the week near $4,120 after rebounding from the key $4,000 support area as higher oil prices, inflation concerns and rising Treasury yields limited the recovery. In my view, gold may remain under pressure in the range of $4,000-$4,200 in the short term but the broader bullish structure keeps the target in focus once the correction is complete. This article discusses the macro risks, economic signals, central bank demand and the key price levels that may determine the next major move in gold.