I noticed something interesting by observing gold prices lately. If we look at the forecast for gold prices in the coming months and beyond, the picture that emerges is quite fascinating from a technical standpoint. Gold is not just rising; it is breaking all-time highs in virtually all global currencies simultaneously. This happened at the beginning of 2024, and the trend continues.

What many underestimate is how the price of gold is primarily driven by inflation expectations, not by supply and demand as many believe. Looking at the 50-year chart, we see two huge bullish reversal patterns: the descending wedge of the 80s-90s and the cup with handle between 2013-2023. These long patterns create equally long bullish markets. It’s no coincidence.

Based on the analysis of monetary dynamics and inflation expectations, the forecast for gold prices in the coming months continues to suggest a moderate but steady upward trajectory. M2 and the consumer price index are growing steadily. The euro maintains a constructive position on a secular level, and Treasury bonds seem to further support the upward movement. All this creates a favorable environment for the metal.

That said, my personal take is that we are still in the early phase of this bullish market. The forecast for gold prices in the coming months and for 2026 is around $3,100-$3,900, but the real potential emerges when looking toward 2030, when gold could approach $5,000. It won’t be a vertical move, though. There will be pullbacks and consolidation periods.

An interesting technical aspect concerns the net short positions in the futures market: they remain very high. This means that the upside potential could be limited in the short term, but it also suggests that there isn’t too much downward pressure. It’s a delicate balance.

Looking at the forecast for gold prices in the coming months from major institutions, we see a convergence around $2,700-$2,800, although some analysts like ANZ are targeting higher, around $2,805. The divergence among various estimates reflects uncertainty about how macroeconomic factors will evolve. Personally, I think inflation expectations will continue to support the rise, but with less volatility than we’ve seen in the past.

Silver deserves separate attention. Historically, the gray metal explodes in the subsequent phase of a gold bull market. The gold-silver ratio over 50 years suggests that $50 for silver is a reasonable target, but this will come later in the cycle.

In summary, if you’re considering forecasts for gold prices in the coming months, the consensus is quite bullish but disciplined. Don’t expect vertical rises, but gradual and steady growth. The fundamentals remain solid, chart patterns are constructive, and macro indicators support the bullish thesis. It’s one of those moments when the market is clearly sending a message, but in an orderly way.