Friday Afternoon Gold Analysis

Gold successfully broke above the 4900 level; simultaneously, silver surged to touch the key 100 level, with both metals approaching high levels in the current phase. The 5000 integer mark is within reach, but the short-term technical correction risk has clearly increased. Caution is advised in trading.

Resistance levels: 4976, 5000 integer mark, 5061-5123 range

Support levels: 4935, 4915-4907 support zone, 4888, 4840

On the daily chart, gold shows a three-wave upward trend, but current momentum is waning. If the price cannot effectively break through the upper resistance during the European and U.S. trading sessions, the probability of a pullback will increase further.

✅ Bullish support: Weakening US dollar index, combined with ongoing geopolitical tensions in the Middle East and Iran, provides short-term upward momentum for gold;
❌ Bearish pressure: Internal policy disagreements within the Federal Reserve have intensified, U.S. service sector inflation remains sticky, and market expectations for interest rate cuts have slowed, exerting downward pressure on gold.

In the medium to long term, the gold bull market remains intact. The process of de-dollarization, continued central bank gold purchases, and other core factors continue to support gold prices. Goldman Sachs has also raised its 2026 December gold target price to 5400, indicating a clear long-term bullish trend.

In the short term, caution is needed regarding technical sell-off risks. A reasonable correction of 110-275 points in gold prices is within normal fluctuation ranges. It is recommended to strictly control positions, follow the trend, avoid chasing high positions, and seize opportunities after pullbacks.