As of early Tuesday trading, gold prices edged higher, extending recent gains and holding near fresh highs after a steady advance over the past several sessions. Spot prices firmed during the latest hours after recovering from a brief pullback, with buyers pushing gold back above the mid-$4,400 range per ounce and keeping momentum intact into the new session.
Over the past few days, gold has followed a clear upward path despite short pauses. Prices dipped earlier in the week, then rebounded as demand returned, lifting the metal through prior resistance levels. The chart shows higher lows and higher highs forming into mid-January, indicating that gold’s short-term trend remains positive as it builds on gains made since late 2025.
CoinCodex Forecast Points to Gold Testing the $5,000 Area
CoinCodex projections show gold extending its broader uptrend into early 2026, with the forecast line moving toward the $5,000 per ounce zone. The model reflects continued strength following the steady climb that developed through the second half of 2025, rather than signaling a sharp reversal or breakdown.
Gold Price Forecast. Source: CoinCodex
On the chart, the projected path rises from the mid-$4,000 range and gradually approaches the $4,900 to $5,000 area. The movement appears uneven, with short pauses and pullbacks built into the forecast. However, those dips do not break the broader upward structure, which remains intact throughout the projection window.
Overall, CoinCodex presents gold trading at elevated levels while gradually pushing higher. The forecast suggests consolidation near recent highs before further upside attempts, placing the $5,000 level as a key zone the model expects gold to test as the trend continues into 2026.
Elliott Wave Structure Signals Further Gold Upside
An Elliott Wave analysis shared by ElliottWaveStrategy outlines a continued upward structure for gold, based on the four hour XAUUSD chart. The count shows gold advancing within a rising channel, with price action respecting higher lows and pushing through successive resistance zones as the pattern develops.
Gold XAU/USD, Elliott Wave Chart. Source: ElliottWaveStrategy
The chart labels suggest gold is progressing through a late stage impulsive wave, following a corrective phase that held above key support levels. Short term pullbacks appear contained within the broader trend, while the structure points to continuation rather than exhaustion. The marked invalidation level near the mid $4,500 area defines where the current wave count would fail, keeping the focus on trend persistence as long as price holds above that zone.
Looking ahead, the projected path on the chart points toward higher targets into the upper $4,700 area, aligned with the upper channel extension and final wave labeling. The Elliott Wave setup implies that recent consolidation represents a pause within the move, not a reversal, as gold continues to trade within a well defined upward framework.