Gold Forecast: Can Gold Push Toward $6,000 After Breaking to New Record Highs?

By Patrick Timely

Gold has extended its powerful rally into early 2026, pushing to fresh all-time highs above $4,680 per ounce as geopolitical tensions and trade uncertainty drive renewed demand for safe-haven assets. The metal is now trading near $4,665, consolidating just below recent peaks after a sharp upside move.

With gold up more than 60% over the past year, investors are increasingly debating whether the current rally still has room to run or if prices are entering a prolonged consolidation phase. As global markets react to rising political risk and fragile policy credibility, gold has once again taken center stage.

Why gold prices are surging in 2026

Gold’s latest surge has been fueled by a familiar mix of macro stress and geopolitical escalation. Over the weekend, U.S. President Donald Trump threatened to impose new tariffs on eight European countries unless they support his push to take control of Greenland. The proposed measures include tariffs of up to 25%, raising fears of a renewed transatlantic trade conflict.

Markets responded swiftly. European equities fell, the U.S. dollar weakened, and capital flowed into defensive assets. Gold benefited immediately as investors sought protection from policy-driven volatility and the risk of retaliatory measures from the European Union, which has reportedly considered a €93 billion tariff response.

Beyond trade tensions, broader uncertainty continues to support gold. Expectations of further interest rate cuts, ongoing central bank gold purchases, and concerns about long-term monetary stability have reinforced the metal’s appeal as a non-sovereign store of value.

Gold technical analysis: Holding above key breakout levels

Gold price action over the past week. Source: CoinCodex

Gold’s recent breakout has shifted the technical structure decisively bullish. After spending much of January consolidating below resistance near $4,600, price surged higher and briefly touched $4,689, entering a new phase of price discovery.

Momentum indicators remain strong, though short-term conditions are increasingly stretched. The sharp move higher raises the likelihood of near-term consolidation, particularly after such a rapid advance. Historically, gold has often paused after breaking into new highs before resuming its broader trend.

As long as price holds above the $4,550–$4,600 support zone, the breakout remains intact. A sustained move below that area would be the first signal of weakening momentum, but for now, buyers continue to defend pullbacks aggressively.

Safe-haven demand outpaces risk assets

Gold’s strength stands in sharp contrast to broader risk markets. European stock indices declined following the tariff announcement, with automakers, luxury brands, and technology stocks leading losses. In the UK, the FTSE 100 and FTSE 250 both moved lower, while similar declines were seen across Germany and France.

The divergence highlights gold’s role in the current environment. Unlike earlier cycles where gold often lagged during equity volatility, the metal is now acting as a primary hedge against geopolitical risk rather than a secondary inflation trade.

This shift suggests that gold demand is being driven less by speculative momentum and more by capital preservation, a dynamic that tends to support sustained trends rather than short-lived spikes.

CoinCodex gold price prediction for 2026

CoinCodex’s gold price prediction points to further upside through 2026, with the model projecting a steady advance rather than a single parabolic move. According to the forecast, gold could rise from current levels near $4,650 toward the $5,800–$6,000 range by mid-2026, implying a projected gain of roughly 25–30%.

The forecast suggests periods of consolidation along the way, reflecting gold’s tendency to digest gains after sharp rallies. Even so, the broader trajectory remains upward, supported by ongoing macro uncertainty, central bank demand, and sustained interest in safe-haven assets.

While algorithmic projections should not be viewed as guarantees, the CoinCodex model aligns with the broader narrative surrounding gold in 2026. As long as geopolitical risk remains elevated and confidence in policy stability stays fragile, gold’s role as a defensive anchor appears firmly intact.

Source:: Gold Forecast: Can Gold Push Toward $6,000 After Breaking to New Record Highs?