Gold prices broke through $4380, Goldman Sachs targets $4500! Can you still catch up at this moment?

On December 22, during the Asian session, spot gold surged by 0.57%, with prices briefly surpassing $4385/ounce, setting a new historical high. The current quotation remains steady at a high level, once again rewriting the record for the year.

The Federal Reserve is expected to cut interest rates by 25 basis points in December, and hawkish remarks cannot conceal the subsequent signals of easing. The US dollar index has retreated to the 99-100 range, significantly reducing the opportunity cost of holding gold; combined with the Federal Reserve's “quasi-QE” operation of restarting short-term Treasury bond purchases, gold's safe-haven and anti-inflation properties are fully activated.

Institutions have already taken the lead: Goldman Sachs has raised its gold price target for the first quarter of 2026 to $4500/ounce, stating that the decline in real interest rates during the easing cycle is the core driving force; CITIC Securities is also bullish, pointing out that the influx of global risk-averse funds and the central bank's gold purchasing spree have formed a synergy, with a short-term target aimed at $4450. The data on the funding side is even more convincing, as global gold ETFs have increased their holdings by 674 tons since 2025, and institutions are steadily accumulating.

From a market dimension, multiple cycles resonate, and the bullish trend is unstoppable: six consecutive weekly gains, golden crosses of the 5-week and 10-week moving averages pointing upwards, and the Bollinger Bands are expanding; the daily line firmly holds the 5-day moving average, with MACD red bars increasing, providing sufficient upward momentum; after a quick stabilization following a 4-hour correction, the middle track of the Bollinger Bands provides effective support, and although the KDJ is in the overbought zone, no death cross has appeared, indicating a high probability of a surge after consolidation.