Gold Soars Past Fibonacci Level, Targets $4,900 as Dollar Strength Weighs on Silver

Gold futures rose by $48 and spot gold by $49 on August 25, 2026, extending a rally that started last Wednesday. The move pushed futures past the 38.2% Fibonacci retracement level at $4,692, measured from the all-time high near $4,600 down to recent lows around $4,000.

The next key level is the 50% retracement at $4,900. Gold's chart is in excellent shape after absorbing several resistance levels. Whether the rally can sustain momentum will depend in part on what Federal Reserve Chairman Kevin Warsh communicates at the Jackson Hole Economic Symposium later this week.