The XAU/USD index is hovering around $4,275 on Friday and remains range-bound on the charts in August. Gold prices are down 1.18% year-to-date and have mostly cooled down in 2026. The rally from 2022 to 2025 did not carry well into this year, as prices remain on the back foot. The focus shifted from gold to oil prices and to the broader stock market, which is mostly dominated by the AI industry.
Also Read: Fed Chair Kevin Warsh Prepared to Raise Interest Rates in September
Price Stagnation To Break: Gold Prices To Hit $8,000 Next
On the heels of the price stagnation, Rashad Hajiyev, founder and senior analyst at RM Capital, shared a prediction on X and mapped out a chart, asserting that gold prices will reach a high of $8,000 next. This could be a rise of nearly 87% from its current price, which is a repeat of the 2023 to 2025 feat. He explained that traders taking an entry position now could nearly double their money next.
He supported the bullish thesis by explaining that the XAU/USD index is following a similar previous breakout from a 130-day consolidation in mid-2025. This previously resulted in a 65% rally in a timeframe of 157 days. The same cycle could be repeated this time around, stressed Hajiyev, as the pattern in the charts is similar. This makes the precious metal a must-watch asset, as the upward potential is immense.
“I am pretty sure gold’s August 2026 breakout that started yesterday is going to double the price to $8,000 by the first quarter of 2027. But even a 70% gain takes gold to $7,000,” Hajiyev predicted. According to the price prediction, gold prices could reach anywhere between $7,000 and $8,000. This is among the most bullish forecasts for the precious metal. However, he highlighted that the XAU/USD index could face heavy resistance at the $4,500 level.