(Kitco News) - The year 2025 has been very good to the gold market bulls, as Comex futures prices have gained around $1,700 so far this year. Will the coming new year be as kind to the yellow metal? Given that this year’s price gains in gold are set to be the biggest ever, it would be a very tall order to expect gold price action in 2026 to be stronger than in 2025. But one really never knows—especially in the endeavor of trying to analyze and forecast raw commodity markets prices.
The longer-term price charts for gold have gone “parabolic” in trading parlance, which means price action has been nearly straight up on the monthly bar chart. This suggests that from a time perspective, this years-long bull run in gold is way closer to its end than its beginning. Still, the climaxing phase of a major bull move in a raw commodity market can show explosive price action to the upside—before the bull rum finally ends.
Following are some trend-line gold price projections for time periods in 2026, based on trend lines drawn from the weekly continuation chart for nearby Comex gold futures. Keep in mind, this is more of an interesting analysis than it is actionable analysis for traders and investors. In other words, odds are not great that all these projected prices will actually occur at precisely the times mentioned. It’s more of a fun exercise.
Early February: $4,475.00
Early May: $5,180.00
Early August: $5,857.00
Late: December: $6,893.00
Remember, “don’t bet the farm” on these numbers.
In a rare occurrence, silver leading gold
In my 40-plus year career of reporting on the commodity markets, including metals, I cannot think of another time when gold traders were looking so closely at the silver market for daily guidance on price direction. I think such will continue to be the case for the next few weeks.
I’m still bullish, overall, on gold and silver, longer term, based on the bullish longer-term technicals that remain in place. The silver market presently arguably very extended and may see some consolidation and a pause from the strong and record-setting bull market run. If silver prices pull back significantly, gold will do the same. Stay tuned!
Let me know what you think. Send me an email at jim@jimwyckoff.com
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