Gold: epic rally
Gold: epic rally
Gold delved deeper into the territory of all-time highs during the week, reaching a local top above $3350 per troy ounce on the spot market, representing a more than 4% gain from the start of the week. The price later retreated to the $3300 area.
Gold has been on the offensive since touching the 50-day moving average early last week. We view the latest rally as the completion of the correction from the late December spike. The upside potential, in our opinion, allows us to expect quotes above $3500.
The price is currently above its 200-week moving average by 60%. By comparison, in 2020, with a gap of just over 50%, the price stalled, then corrected, and went sideways for two years. The last time a higher gap-up was recorded was in 2011 at around 70%, which was accompanied by a prolonged bear market. In the current situation, the 70% breakaway can be achieved when the $3540 level is reached.
By the FxPro Analyst Team
Gold and Oil Rise as Central Bank Signals Drive Currency Markets | 3rd September, 2026
The yen is advancing on three fronts
USDX Stabilises Near 99.50 Ahead of NFP Report
Gold Near $4,400 as NFP Data Tests Fed Rate Expectations
The US Equities Brace for Further Pressure as Short Positioning Reaches Extremes
Brent is heading towards $100 a barrel
Gold Rallies Beyond Fed Expectations as Treasury Policy Shifts Market Focus
