As gold price rallied more than 5% over the past three days to hit its highest level since June 18, 2026, on August 6, Rashad Hajiyev, founder and senior analyst at RM Capital, mapped out the asset’s path and timeline to $8,000 per ounce.
Hajiyev stated that Gold’s decisive breakout from a 6-month bullish descending wedge has set the stage for a rally to $8,000/oz by the first quarter of 2027. With Gold price trading at about $4,257 at press time, this analyst predicts an 87.93% upside.
Hajiyev supported his bullish thesis for XAU/USD over the coming month following a similar previous breakout from a 130-day consolidation in mid-2025, which resulted in a 65% rally within 157 days.
“I am pretty sure gold’s August 2026 breakout that started yesterday is going to double the price to $8,000 by the first quarter of 2027. But even a 70% gain takes gold to $7,000,” Hajiyev concluded.
He however highlighted that Gold price must clear its resistance level near $4,500 per ounce to trigger a rally towards a new all-time high by the first quarter of 2027. A bullish argument for the asset’s price has also been issued by UBS Group AG (NYSE: UBS), which expects gold price to reach $5,200 per ounce by June 2027.
Why is the Gold price bullish?
Hajiyev and other analysts could be signaling a bullish outlook for Gold price in the near term due to the notable demand from global central banks, led by China. Furthermore, central banks’ purchases rose by 62 metric tons year-over-year to 289 tons in second quarter of 2026, according to analysis from Metals Focus, Refinitiv, GFMS, World Gold Council.
As such, if global central banks maintain their demand over the coming months, the asset’s price could surge to a new ATH by Q1 2027 as predicted.
