Gold's Preliminary Breakout May Signal Jump to Record Prices

Jess Colombo, a metals financial analyst, claims that the recent moves might hint at a large gold breakout in the short term. He states that the preliminary breakout that occurred on November 28 points toward $5,200 as a new price target.

Gold Hints at a Large Move Towards $5,200; The Fed Might Help

Gold and metals market financial analyst Jesse Columbo believes that a major market move might be brewing, and that gold could reach record prices once again.

In a recent analysis on the state of the gold market, Columbo pointed out $5,200 as golds next goal, having already registered several all-time high prices this year.

Columbo states that the recent price breakout that gold experienced on November 28 is part of the evidence leading to this new price goal. He explained that this move is the third of its kind happening this year, and that if prices follow their previous behavior, it could reach this number.

Nonetheless, Columbo is even more bullish about gold long-term, as he believes there is a configuration of tailwinds that will propel gold to new highs, having recently explained that golds bull market is still in its early stages.

The Feds long-awaited decision on interest rates might also become another catalyst for a hypothetical price hike, as gold traditionally performs well during low-interest periods as a non-interest-yielding asset.

The expectation of a quarter-point rate cut is widespread, meaning that if the Federal Reserve fails to deliver, prices might decrease temporarily.

Phillip Streible, chief metal strategist at Chicagos Blue Line Futures, pondered on this outcome. Talking to Sputnik, he stated:

The overwhelming expectation for December is that there will be another Fed rate cut. If that doesnt happen, be prepared for downside that could even exclude December as a winning month.

Even so, most firms predict gold will keep rising in 2026 and beyond, as central banks and investors are expected to maintain growing demand for the metal as an inflation and uncertainty hedge with no clear substitute.