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Gold Record Rally Ignites $5,000 Speculation Before US GDP Data

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Aayush Jindal

Key Highlights

  • Gold started a fresh surge and traded to a new all-time high above $4,880.
  • A connecting bullish trend line is forming with support at $4,670 on the 4-hour chart.
  • WTI Crude Oil prices are attempting to recover above $60.00.
  • The US Gross Domestic Product could grow 4.3% in Q3 2025 (Preliminary).

Gold Price Technical Analysis

Gold prices started a fresh rally above $4,500 and $4,600 against the US Dollar. It settled above $4,800 and gained momentum for a new uptrend.

The 4-hour chart of XAU/USD indicates that the price extended gains above $4,850 and traded to a new all-time high above $4,880. The current price action is bullish and suggests that the bulls could aim for more upside.

On the upside, immediate resistance is near the $4,850 level. The next major resistance sits near the $4,885 level. A clear move above $4,885 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,950. The main target for the bulls could be $5,000.

If there is a pullback, Gold might find bids near the $4,780 level. The first major support sits at $4,750, below which the price might slide to $4,720.

The main support sits at $4,670. There is also a connecting bullish trend line forming with support at $4,670. Any more losses might call for a test of the 100 Simple Moving Average (red, 4 hours) at $4,530 or even the 200 Simple Moving Average (green, 4 hours) at $4,400.

Looking at WTI Crude Oil, the price started a recovery wave, but it continues to face heavy resistance above the $61.20 zone.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 212K, versus 198K previous.
  • US Gross Domestic Product for Q3 2025 (Preliminary) – Forecast 4.3% versus previous 4.3%.
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