Gold upside narratives look compelling, but $XPTUSDT price action lately feels more flow-driven than conviction-driven

Goldman Sachs has reiterated its forecast for gold prices, projecting a significant upside risk to its December 2026 prediction of $5,400 per ounce. According to Jin10, the bank noted that the majority of price fluctuations in January were driven by Western capital flows rather than speculative activities. In the silver market, adjustments have been more pronounced due to the tight liquidity conditions in the London market, which have amplified bidirectional price movements. Besides the volatility induced by bullish option structures similar to those in the gold market, the ongoing liquidity squeeze in London has added further elements to extreme price behaviors.