The near-term swing chart target sits at $3879.64, though traders note that a strong catalyst may be needed to drive the market that high quickly. On the downside, minor pivot support stands at $3660.20, with a new bottom at $3627.96. A break below that would turn the short-term trend bearish.
Additional support levels are clustered at $3612.83, $3609.65, and deeper at $3511.75–$3500.20. The 50-day moving average at $3436.02 remains the major trend indicator.
Physical demand sends strong signals
Physical gold premiums in India climbed to a 10-month high as festival buying continued despite record prices, signaling strong investor conviction. In contrast, Chinese buyers faced wider discounts, with spreads reaching a five-year peak. The divergence highlights regional differences but underscores broad demand strength as bullion holds near highs.
Market forecast for gold prices
Gold remains firmly underpinned by Fed easing, robust physical demand, and investor positioning. While profit-taking could trigger dips toward the $3600 handle, the broader trend stays bullish with upside potential toward $3879.64 and beyond. Analysts point to $4000 as a realistic upside target should rate cuts accelerate and inflation risks persist. Traders should monitor support at $3627.96 closely, as a break could shift momentum to the downside.