Where Gold is heading

This week, we saw the long-awaited upward slide, which finally knocked out the short sellers and triggered a powerful sell-off, which often follows moments of final destruction for those who stood against the market. Interestingly, Thursday and Friday's dramatic events, with a cumulative price decline of 10% from the peak, have kept the price close to the week's opening level. However, we are confident that the rally has already peaked. This is easy to see in the synchronous sell-off across all metals that followed the spectacular new highs in both nominal and relative terms across many metrics.
As for the potential for a decline in gold, the first target appears to be the $4,700 area, which is a typical correction area of 61.8% of the last rally since August. Given the sharp decline and apparent overheating earlier, the market could reach this level as early as next week. However, in the longer term, up to a year, we see the potential for a more profound decline, between $3,600 and $4,000, which would correct all the growth since 2022.