Gold prices continue to advance in an established uptrend following a recent return to, and consolidation above, the breakout level around $5,120.
Furthermore, the asset prices have experienced a pullback from the recent spike around $5,500, the buyers continue to support the $4,850 to $5,000 area, preventing any significant damage to the overall bullish price structure of the market. At press time, Gold is trading at $5,148.60, reflecting a decline of 1.12% over the past 24 hours.
Price Stability Above $5,100 Keeps Upside Bias Active
TradingView’s daily XAU/USD data indicates that the asset continues to consolidate above the July demand band of $5,039–$5,120 and is trending above both the 50-day and 200-day moving averages, all indicators of continued overall bullish sentiment for the long term.
More specifically, both of these moving averages are trending higher, as verified by the price holding above the $5,039–$5,120 region since its breakout.
Additionally, while MACD is currently exhibiting bearish momentum (little upside pressure), the market has not yet confirmed a significant reversal signal.
Thus, as long as prices remain above the $5,000 level on a daily basis, the bullish continuation outlook remains more likely than a significant bearish reversal.
Also Read: Gold Falls 20% From Peak as Market Value Drops Significantly
Analysts Point to $5,800 as Next Major Gold Target
The recent update on X made by crypto analyst Ali Charts on Twitter reinforces the bullish sentiment for the asset, especially since he recently stated that gold had broken above the $5,120 level.
His statement regarding a potential target of $5,800 for gold’s price action is also in direct alignment with the current price action behavior and the overall bullish structure of the asset market, as investors focus on the high probability of price discovery before the $5,500 level.
When Gold maintains above the $5120 range for long enough to get a solid breakout above the R2 area ($5500) then it’s probable that a target of $5600 will occur sometime in March.
The $5750-$5800 price point will probably be tested during that time as well. If the market breaks through $5000, the projected records will not occur, and the $5120 range, and Gold will shift focus back to trading sideways.
Longer term is still in favor of price being able to reach the previous record, near/above where we have currently been trading.
Also Read: Wintermute Launches Tokenized Gold Trading, Expects $15B Market in 2026
