Huoxing Finance reports that on September 9, Anthony Kim, Global Head of Metals Trading at Goldman Sachs, stated that the seven-month correction in gold since February does not signal the end of the bull market, but rather a "prolonged pause." He noted that uncertainty surrounding the policy stance of the new Federal Reserve Chair Walsh, along with disruptions in energy markets due to tensions in Iran affecting capital flows, have temporarily pressured gold prices. Nevertheless, Goldman Sachs maintains a bullish outlook, viewing support from sovereign buyers and institutional funds near $4,000 as a "substantial floor." Anthony Kim recommended that investors consider gradually building long positions if gold prices approach $4,000 ahead of the Fed’s September meeting due to data volatility. Previously, Goldman Sachs projected that, driven by continued central bank gold purchases and other factors, gold prices could rise to $4,900 per ounce by the end of 2026.
Gold bull market paused; Goldman Sachs sees $4,000 as solid support
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Summary
Goldman Sachs views $4,000 as a key support level for gold, with Anthony Kim describing the recent price pullback as an "extended pause" in the bull market. The firm attributes the decline to uncertainty around Fed policy and tensions related to Iran. Kim notes that the support and resistance dynamics remain favorable, with institutional and sovereign demand supporting the $4,000 level. He recommends building long positions near this support ahead of the Fed’s September meeting. Goldman still targets $4,900 by 2026, driven by central bank purchasing.
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