$5,000 Gold Price Target Hinges on Break Above $4,500

The gold price remains supported due to investor response to China's economic slowdown and rising stress in Japan's bond market. The People's Bank of China (PBoC) and Chinese gold exchange-traded funds (ETFs) continue to increase their holdings despite high prices weakening jewelry demand.

Japan's rising bond yields have increased concerns about currencies and traditional safe assets, contributing to the support for gold. To open up a path towards $5,000, gold must break above $4,500.