Gold Price Forecast: $4,500 Support Keeps $5,000 in Focus
The daily chart for spot gold shows that the price has broken above the 200-day SMA at $4,500 and pushed higher to mark a high of $4,697 on August 25, 2026. After marking this high, the price is now pulling back toward the 200-day SMA near $4,500. If this level holds, it may resume the rally toward the $4,800 and $5,000 region.
This short term correction in spot gold is due to the overbought conditions indicated by the RSI. But the overall trend remains bullish. A break below $4,500 may push the price towards the $4,300 region. However, a break above $4,700 will push the price toward $4,800 quickly.
