The gold price is showing active signs of volatility but is yet to show signs of slowing down easily. The current rapid price fluctuations are resulting from the constantly evolving war narratives, as the US dollar continues to rake up significant attention. However, experts believe that gold price is yet to show its full potential, with its breakout price target still pointing towards a whopping $7000 price surge.
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Gold to $7K: Details?
Gold price has been showing signs of recovery, with its price hitting $4700 at press time. The asset seems to be recovering its lost valuations, gaining steady pace, as reports of a possible ceasefire between Iran and the US continue to gain momentum in the market. That being said, Rashad Hajiyev, a leading gold expert, shared a striking feature of the asset’s price trajectory that is yet to take shape.
Hajiyev shared how gold produces nearly 25% to 30% following each of its breakouts. Following the same course, if each advance cycle lasts around 2.5 to 3 months, then the yellow precious asset may ultimately breach the ambitious $7K mark. The expert later shared how it’s quite possible to witness gold’s historic surge to $8K in favorable circumstances ahead.
“Gold produces a minimum of 25% to 30% following every breakout during the present bull run that started in 2023. Assuming every advancing cycle lasts around 2.5 – 3 months, then gold should reach $7,000 – 7,250 by July 2026. However, given that the coming leg up is likely going to be the last one in the present advancing cycle, gold could overshoot to $8k…”
The current war dynamics have been impacting gold prices as of late, pushing the asset to encounter a downward spiral. The metal is now in recovery mode, battling intense pressure but holding its ground steady for now. With the war narratives favoring a hawkish Fed stance, a development holistically supporting the US dollar instead of gold. However, as news snippets of a possible ceasefire gain momentum, the price of gold has now increased at press time, sitting at $4700 at the moment.
Gold’s Next Move
Hajiyev later predicted gold’s possible next move, adding how the asset may climb to hit $5k very soon. However, a new array of resistant elements may hamper gold’s progress as soon as it hits $5K, Hajiyev warned. The expert later shared how it’s essential for gold to combat such elements to scale past the $7K mark.
“I think gold is going to recover to $5k fairly quickly, where the major battle is going to take place. Once gold overcomes this resistance, I believe gold is going to reach $7k or more within 3 months. To sum up, gold could be trading at $7k plus by July 2026…”
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