Gold prices steady near $2,450 as technical targets rise

Gold futures held steady near $2,450 an ounce on Tuesday, consolidating gains as technical analysts pointed to extended logarithmic cycle projections that suggest a potential rally to between $4,524 and $4,648.

The projections, based on long-term price patterns, indicate that the current market structure remains aligned with historical cycles that have previously driven the metal to record highs. Analysts cited volume-weighted average price (VWAP) support around current levels, reinforcing the view that downside risks are limited in the near term.

The metal has gained roughly 20% year-to-date, supported by strong central bank purchases, persistent geopolitical tensions, and expectations of Federal Reserve policy easing later this year. Spot gold last traded at $2,452.70 an ounce, up 0.1% on the session, while gold futures for August delivery rose 0.2% to $2,460.30.

Technical resistance is seen near $2,500, a level that has capped gains in recent sessions. A break above this threshold could accelerate upside momentum toward the upper end of the projected range, analysts noted. Conversely, a sustained move below $2,400 could signal a deeper correction, though such a scenario remains contingent on broader macroeconomic developments.

The logarithmic cycle model, which has historically provided guidance on gold’s long-term trajectory, suggests that the current upward trend remains intact barring a significant shift in market fundamentals or monetary policy expectations.