Year-end and 2025 gold forecast: $3,000 and possibly beyond​

​​​Gold price aims for $3,000.00 mark

​The spot gold price has been in a strong bull market for the past two years, rising by nearly 70% from its September 2022 low to this week’s record $2,790.00 per troy ounce high, made close to the psychological $2,800.00 mark.

​Even if a significant retracement lower were to be seen, the gold price will remain in long-term uptrend as long as the 2024 uptrend line at $2,550.00 underpins. Any such potential retracement lower would thus represent a buying opportunity, provided that no fall through the $2,278.00 late April low were to occur.

​Spot gold price weekly chart

​Support on the weekly chart can be spotted around the September peak at $2,685.00 and also at the early October $2,605.00 low.

​Year-end gold price target

​Upside targets above the minor psychological $2,800.00 level, between which and the $2,900.00 mark the gold price is expected to trade by year-end, come in around the psychological $3,000.00 mark. This level coincides with the 261.8% Fibonacci extension of the September 2022-to-May 2023 advance, projected higher from the October 2023 low, at $2,999.46. It is not expected to be reached before the first quarter (Q1) of 2025, though.

​2025 gold forecast

​The gold price is likely to trade around the $3,000.00 mark for several months as it represents a major psychological resistance levels as a round number for many investors.

​Physical gold purchases by several central banks, and especially by China, are likely to continue until this threshold is reached. Were these purchases of gold bullion to continue beyond the $3,000.00 technical level, then $3,113.00 could be reached as well. It represents the 261.8% Fibonacci extension of the 1999 low to the September 2011 high, projected upwards from the December 2015 low.

​In case of a continuation of the strong gold bull market occurring in 2025 and the above mentioned technical levels being surpassed, the next psychological $4,000.00 mark may also be considered as a possible upside target.

​Gold price year end analysis

​Thursday’s unexpected pullback from this week’s record high at $2,790.17 to $2,731.64, as some traders cashed in their profits ahead of Friday’s US non-farm payrolls (NFPs) release and next week’s US presidential election, provided some investors with another buying opportunity at lower levels.

​Spot gold daily chart

​Below $2,731.64 lies the 23 October low at $2,708.76. As long as this level underpins, the medium-term uptrend will remain intact.

​Resistance above the 23 October high at $2,758.52 sits at this week’s all-time high at $2,790.17, a rise above which would engage the $2,800.00 mark and beyond.​​