Gold Aims for Record High as Momentum Builds Toward $5,800
Gold prices are advancing steadily within an established uptrend, consolidating above the $5,120 breakout level. Despite a pullback from the recent $5,500 spike, buyers are defending the $4,850-$5,000 support zone, reinforcing the bullish structure. The metal currently trades at $5,148.60, down 1.12% over 24 hours.
Technical indicators suggest sustained bullish sentiment. TradingView data shows gold holding above the July demand band of $5,039-$5,120 while remaining above both the 50-day and 200-day moving averages. The MACD, though showing bearish momentum, hasn't signaled a reversal. As long as prices stay above $5,000, the outlook favors continuation over reversal.
Analysts see $5,800 as the next major target. Crypto analyst Ali Charts recently reinforced this projection in a social media update, though the post was cut short.
