🔥The King Returns! Gold surges violently, rebounding 17%—ends a 26-week pullback, and $4,700 is officially reclaimed!
#黄金触及4700美元结束六个月回调
After enduring a deep correction lasting months—falling about 30% from the historical peak of $5,598—gold has finally blown the whistle for a counterattack. On August 24, COMEX gold futures broke through the $4,700 per ounce level intraday, setting a new high since May. Spot gold touched $4,643.95, rebounding about 17% from the July low. On a weekly basis, it has for the first time since April closed above the 20-week moving average. Since August began, the gold price has rebounded by more than 14%.
📋 Three major core drivers:
① Treasury bond buybacks trigger a “dollar credit crisis.” Finance Minister Besent doubled the buyback cap for long-term bonds from $2 billion to at least $4 billion, and is considering using nearly $1 trillion in TGA funds to provide support. On the surface, it’s a rescue move—yet in reality, it signals that dollar credit is being drawn down repeatedly. The 30-year yield is still hovering around 5.248% at high levels. Treasury bonds have surpassed $40 trillion—“the currency devaluation trade” is fully restarted.
② Technicals confirm a reversal. Gold decisively broke above the 0.382 Fibonacci retracement level at $4,333.52 and the $4,300–$4,400 six-month supply zone. The daily RSI rose to 71.7. The 26-week pullback cycle has officially come to an end.
③ Central bank gold buying and a weaker dollar. In Q2, global central banks net bought 289 tonnes of gold, up 62% year over year. The U.S. dollar index fell below 100, providing structural support for gold prices.
📊 Near term: $4,700 is the key battlefield
On Tuesday, spot gold surged toward $4,700 before pulling back to around $4,674. Above $4,700, there is a large volume of historical trapped positions. Analysts noted that “the ideal scenario is to pull back near this price level and then move higher.” Resistance is seen at $4,700–$4,900, with support at $4,500.
🚀 Long term: Institutions are broadly bullish; $5,000 is consensus
Goldman Sachs says its year-end $4,900 target is “rather conservative.” UBS expects a push toward $5,000 in the first half of 2027. A Wall Street survey shows 73% of analysts expect prices to continue rising—none are bearish. Gold is shifting from being a “safe-haven asset” to a “hedging tool against the collapse of dollar credit.”
$XAU
#黄金触及4700美元结束六个月回调
After enduring a deep correction lasting months—falling about 30% from the historical peak of $5,598—gold has finally blown the whistle for a counterattack. On August 24, COMEX gold futures broke through the $4,700 per ounce level intraday, setting a new high since May. Spot gold touched $4,643.95, rebounding about 17% from the July low. On a weekly basis, it has for the first time since April closed above the 20-week moving average. Since August began, the gold price has rebounded by more than 14%.
📋 Three major core drivers:
① Treasury bond buybacks trigger a “dollar credit crisis.” Finance Minister Besent doubled the buyback cap for long-term bonds from $2 billion to at least $4 billion, and is considering using nearly $1 trillion in TGA funds to provide support. On the surface, it’s a rescue move—yet in reality, it signals that dollar credit is being drawn down repeatedly. The 30-year yield is still hovering around 5.248% at high levels. Treasury bonds have surpassed $40 trillion—“the currency devaluation trade” is fully restarted.
② Technicals confirm a reversal. Gold decisively broke above the 0.382 Fibonacci retracement level at $4,333.52 and the $4,300–$4,400 six-month supply zone. The daily RSI rose to 71.7. The 26-week pullback cycle has officially come to an end.
③ Central bank gold buying and a weaker dollar. In Q2, global central banks net bought 289 tonnes of gold, up 62% year over year. The U.S. dollar index fell below 100, providing structural support for gold prices.
📊 Near term: $4,700 is the key battlefield
On Tuesday, spot gold surged toward $4,700 before pulling back to around $4,674. Above $4,700, there is a large volume of historical trapped positions. Analysts noted that “the ideal scenario is to pull back near this price level and then move higher.” Resistance is seen at $4,700–$4,900, with support at $4,500.
🚀 Long term: Institutions are broadly bullish; $5,000 is consensus
Goldman Sachs says its year-end $4,900 target is “rather conservative.” UBS expects a push toward $5,000 in the first half of 2027. A Wall Street survey shows 73% of analysts expect prices to continue rising—none are bearish. Gold is shifting from being a “safe-haven asset” to a “hedging tool against the collapse of dollar credit.”
$XAU