Gold (XAU/USD) Price Forecast: New Record $4,498 – $4,552 Extension Next

Core Viewpoint - Gold is experiencing a new bullish trend with significant upward momentum, indicated by recent price movements and breakouts from established trend channels [1][4]. Group 1: Price Movements and Targets - The next short-term target for gold is set at $4,552, which represents a 127.2% extension of the most recent correction [1]. - A long-term target zone for gold is projected between $4,664 and $4,687, following a 161.8% ABCD pattern projection at $4,578 [1]. - Gold has reached a new high of $4,498, indicating a strong bullish environment [4]. Group 2: Market Dynamics - The recent breakout in gold prices followed eight weeks of establishing a strong upward trend, reflecting robust demand [1]. - A second upside breakout from a rising trend channel suggests that bullish momentum may have entered a new trend environment [1]. - The 10-day average for gold is currently at $4,336, which is expected to provide key dynamic support during any pullbacks [3]. Group 3: Comparisons and Patterns - The current pattern in gold is reminiscent of silver's recent performance, which has also shown a series of higher highs and lows following a breakout to a new trend high [2]. - Silver's sustainable acceleration serves as a comparative benchmark for gold's current bullish trajectory [4].