Gold Price Pulls Back, Remains Bullish as $5,000 Target Looms

The price of gold has been on an upward trend since August 25, 2026, when it reached a high of $4,697. However, in recent days, the spot gold price has pulled back toward its 200-day Simple Moving Average (SMA) near $4,500.

This correction is attributed to overbought conditions indicated by the Relative Strength Index (RSI). Nevertheless, the overall trend remains bullish. If the current level holds at $4,500, it may resume the rally toward the $4,800 and $5,000 region.

A break below $4,500 could push the price towards $4,300. On the other hand, a break above $4,700 will propel the price toward $4,800 quickly.