Gold is trading in a tight range near record highs on Friday, as a bullish but patient market awaits its next major catalyst. Despite the current consolidation, the overall trajectory remains decisively upward, with significant targets in sight.
Major Points Highlighted:
Current State: Gold is in a consolidation phase, showing sideways movement around the $4,600 level.
Market Sentiment: The underlying trend is strongly bullish. There is no interest in short-selling gold.
Key Targets: The breakout from a previous ascending triangle pattern points to a potential rally toward $4,900, with a broader 2026 aim of $5,000.
Trading Outlook: Any short-term pullback (e.g., to $4,400) is viewed not as a reversal, but as a buying opportunity for value.
Driving Factors: The bull case is supported by central bank accumulation, global debt levels, and geopolitical tensions.
Path Forward: The market will either break to new highs directly or experience a brief dip to gather momentum for the next leg up toward $5,000.
