Gold Price Heading Toward $4,700? Why the Rally Could Continue - Shanghai Metals Market

AI desk brief

Gold surged from $4,020 on Aug. 3 to $4,697 in a three-week move, then pulled back to $4,282 before rebounding to $4,510; silver rose from $54.74 on July 17 to $71.16 in August. The piece argues the rally was driven by yen intervention, Treasury buyback expansion, and heightened uncertainty around U.S. rates and funding markets, with gold now holding support in the $4,280-$4,320 area and the 200-day moving average at $4,534 in focus.

Technically, the author sees the post-rally selloff as a healthy breather rather than a trend break, with stochastic momentum turning back up from oversold levels and a possible test of $4,700 in coming weeks. For September, the expected range is between the 50-day moving average at $4,240 and the 200-day at $4,534, with risk sentiment and any renewed policy/liquidity intervention likely to drive the next leg.