Gold price surged for a fifth consecutive trading session today (Thursday), November 13, 2025, climbing nearly 1% to reach intraday highs of $4,239.52 per ounce before settling around $4,229.59, marking a dramatic reversal from last month's correction and reigniting the precious metal's historic bull run.

The rally has delivered impressive gains of approximately 7% over five sessions, pushing gold back to levels not tested since October 21st and stoking renewed optimism that the metal could challenge its all-time high near $4,400 established in mid-October.

In this article, I explore why gold price is going up today, analyze technical chart patterns suggesting further upside potential, and examine institutional forecasts predicting the precious metal could surge another 20% to breach $5,000 per ounce by 2026.

Why Gold Price Is Going Up Today?

The catalyst behind gold's resurgence centers on the resolution of America's longest government shutdown in history. President Donald Trump signed legislation late Wednesday night, November 12th, officially ending the 43-day impasse that had paralyzed federal operations and created unprecedented economic uncertainty.

The House of Representatives voted 222-209 to approve the funding package, which extends government operations through January 30th and includes full-year appropriations for military construction, veterans affairs, and the Department of Agriculture.

Speaking from the Oval Office after signing the bill at 10:25 PM EST, Trump stated the government would now "resume normal operations" after "people were hurt so badly" during the extended shutdown.

The shutdown's end removes a critical source of data uncertainty that had complicated Federal Reserve policy decisions. According to Eric Chia, Financial Markets Strategist at Exness, "The dollar index edged lower on Thursday as investors remained concerned about the potential weakness in upcoming data, as progress in Washington helped end a government shutdown".

Markets are now bracing for a flood of delayed economic reports, including two monthly employment figures and critical inflation data that could reshape rate cut expectations.

How High Can Gold Go? Technical Analysis Points to $4,400 Retest

Based on my technical analysis of gold's chart patterns, the precious metal has been climbing for five consecutive sessions, gaining 7% during this period and testing levels last seen nearly a month ago on October 21st. As of today, November 13th, 2025, gold is increasing by nearly 1% and establishing session highs at $4,239.52 per ounce, trading around $4,229.59 at the time of writing.

As visible on my technical chart, gold is currently consolidating between the $3,900 support zone reinforced by the 50-day exponential moving average and the previous all-time high from October near the $4,400 level.

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The current upward movement has a clear path to retest the ATH and enter a price discovery phase, which would align with forecasts from major financial institutions.

The current price action suggests gold has established a solid foundation above the psychologically critical $4,000 threshold. The 50 EMA, positioned around $3,830-$3,900, has provided dynamic support during recent pullbacks and represents the first line of defense against any renewed selling pressure.

In my earlier analysis of gold, I suggested that Fibonacci extensions point to the possibility of the yellow metal rising to $5,600, which would represent a 40 percent jump from current levels.

A disruption to the bullish scenario would occur if gold falls below the current main support area at the 50 EMA, opening the path toward testing the 200 EMA at the $3,440 level, coinciding with peaks drawn from April through July. This entire support zone extends down to $3,273. However, given the current fundamental setup, I would not expect a decline that deep.

Federal Reserve Rate Cut Expectations Fuel Rally

Beyond shutdown resolution, gold's surge reflects intensifying market conviction that the Federal Reserve will deliver another interest rate reduction in December. CME FedWatch Tool currently shows traders pricing a 63% probability of a 25-basis-point cut at the December FOMC meeting, though some Fed officials have hinted at potentially larger moves.​

"Markets responded to Powell's caution by bidding up the U.S. dollar, which has emerged as the primary headwind for Bitcoin. However, gold remains the trusted store of value, while Bitcoin continues to mirror broader risk sentiment, reacting to liquidity swings and dollar strength rather than insulating against them,” Jorge Schnura, President of Keyrock Asset and Wealth Management, explained the dynamics at play.

Lower interest rates fundamentally support gold by reducing the opportunity cost of holding non-yielding assets. When bond yields and savings rates decline, gold's lack of income generation becomes less of a disadvantage, making the precious metal more attractive relative to interest-bearing alternatives.​

"Gold is reflecting broader market uncertainty, driven by global tariffs, interest rates, and monetary policy shift,” Mamadou Kwidjim Toure, Founder and CEO at Ubuntu Group, commented for FinanceMagnates.com. “It continues to serve as a proven hedge against inflation, a role it has held for decades. Rising gold prices often act as a benchmark for other assets like Bitcoin, influencing long-term portfolio diversification strategies".

The combination of strong investor inflows, heightened trading activity, and broad-based central bank accumulation has positioned 2025 as one of gold's most dynamic years on record, with both institutional and sovereign players reinforcing its role as a hedge against uncertainty.

Gold Price Prediction

Bullish Forecasts Target $5,000+

Despite recent volatility, major financial institutions maintain aggressively bullish outlooks for gold through 2026, with several forecasts suggesting the precious metal could surge another 20% or more from current levels to breach $5,000 per ounce.

JP Morgan delivered perhaps the most bullish projection, forecasting gold could average $5,055 per ounce by Q4 2026, supported by investor interest and central bank purchases averaging approximately 566 tons each quarter throughout 2026. The bank maintains a longer-term target of $6,000 per ounce by 2028, urging investors to adopt a multi-year perspective.

Natasha Kaneva, head of Global Commodities Strategy at JP Morgan, stated: "Gold remains our conviction long for the year. We see upside as the market enters the Fed rate-cutting cycle".

Goldman Sachs projects similar upside, targeting $5,055 by late 2026, citing "strong Western ETF inflows and continued central bank buying as the drivers" while noting that "risks to this forecast remain skewed to the upside because private sector diversification into the relatively small gold market may push ETF holdings higher than expected".

Bank of America raised its 2026 forecast to $5,000 per ounce with an average around $4,400, acknowledging the possibility of short-term corrections but remaining optimistic about further gains by 2026. The bank highlighted that "a 10-15% increase in investment demand—similar to this year's trend—could elevate gold to $5,000 per ounce".

Major Institution Gold Price Forecasts Table

Gold Prices, FAQ

Why is gold surging today?

Gold surged for a fifth consecutive session (+7% over five days) to $4,229.59 following President Trump signing legislation November 12th ending 43-day government shutdown (longest in US history), removing data uncertainty that complicated Federal Reserve policy decisions while traders price 63% probability of December rate cut (25 basis points), reducing opportunity cost of holding non-yielding assets.

How high can gold price go?

Technical analysis identifies clear path to retest all-time high near $4,382 and enter price discovery phase, with institutional forecasts targeting $5,000-$5,055 by Q4 2026 (19.5% upside), supported by JP Morgan's conviction trade recommendation and Goldman Sachs projection citing strong Western ETF inflows ($8.2 billion October) and central bank purchases (200 tonnes year-to-date).

Is the gold rally sustainable?

Gold ETFs attracted five consecutive months of inflows through October 2025 with North American funds seeing $6.5 billion despite 5% price pullback, while central banks reported highest 2025 monthly purchases (39 tonnes September), with Poland (67 tonnes), Kazakhstan (40 tonnes) leading year-to-date accumulation of 200 tonnes, demonstrating institutional confidence in long-term trajectory regardless of volatility.

Should I buy gold now?

Yes. Current consolidation between $3,900 support (50 EMA) and $4,400 previous ATH represents attractive entry zone according to technical analysis, with Morgan Stanley's $4,400 average 2026 forecast (+6.4%), Bank of America's $5,000 peak target (+18.2%), and JP Morgan's $6,000 by 2028 suggesting multi-year bull market intact, though investors should monitor December Fed decision and delayed economic data releases.