Gold on its way to another all time high
After breaking the 2.000 Dollar barrier, next resistance is only 200 bucks away.
Frank M. StockerSeptember 25, 2026
After gold's upward momentum pushed prices above $ 2,000 an ounce, analysts believe the rally could have another $ 200 ahead of it before slowing down. December gold futures rose to a new all-time high of $ 2,024.40 an ounce on Tuesday and were most recently almost 2% above the daily rate. Meanwhile, spot prices climbed above $ 2,000 for the first time and most recently traded at $ 2,004.20 an ounce, up 1.33% on the day. Eyes are on lower returns, said Bart Melek, head of global strategy at TD Securities. "There's a lot of momentum here. Maybe a quick cover after we eliminated the shorts the other day," Melek told Kitco News on Tuesday. "The 10-year returns are the lowest ever at 0.5%, and we have 30-year returns at 1.1888. Those are pretty significant lows here." Gold got a leg up along with silver and crude oil when news broke of an explosion in Beirut, creating fears of missing out, said Phil Streible, chief market strategist at Blue Line Futures. “We saw silver, gold and crude soar on the news of the Beirut explosion. And then when they came out, when it turned out to be a fireworks store next to a nitrate factory, we saw silver futures at 50 Cents drop, gold fell $ 9. On that retreat, some of the guys who were afraid of missing out on gold wanted to get in and buy at any cost, "Streible said. Every time new highs are probed, the market gets two types of traders - "one who is stopped, who is short ... and one who is afraid of missing out," Streible said. "That's what we see now - the fear of missing out and getting new stops," he said. There is also a growing view that the US Federal Reserve may move away from its preventive inflation target, Melek said. "Usually they would steer. Sounds like they might be moving away from it." Tuesday's uptrend also comes after a slight correction on Monday, added Melek, noting that gold could be near $ 2,100 next. "We are at a record high. The next big Fibonacci would be $ 2,110 - this is where the 2011 gold high is really if inflation were offset," he said. "Our target average for the end of next year is $ 2,100." The bull market looks healthy even above $ 2,000 an ounce, Streible said. "The technicals are really good. As long as lower real yields occur and the dollar continues to weaken, you will continue to see gold highs all the time," Streible told Kitco News. "It's a pretty healthy bull market right now. The ADX, which measures the strength of the trend, is 44, which means it's a healthy, upward-trending market." Gold tends to shoot for round numbers, and $ 2,200 could be next in gold, Streible added. "It seems the more people talk about round numbers, the more they become a self-fulfilling prophecy. When it got to $ 1,921, we had to go to $ 2,000," he said. "USD 2,200 is the next resistance level based on our recent consolidation breakout at USD 1,857. That would be the Fibonacci extension." Streible also warned that if news of a successful vaccine launch hit the market, this could also be gold's high.
