Amid a heated debate on whether the 8% gold price spike over the past two weeks is a dead-cat bounce or the onset of the next bull rally, Peter Schiff, chief economist and global strategist at Europac, has laid out his forecast.
Schiff said the Gold price correction, which has persisted in 2026, is ‘clearly over’. As such, he predicted that the asset’s price could soon rally above $5,000 per ounce.
“The correction is clearly over. Gold will likely soon be back above $5,000,” Schiff noted on August 12.
This economist pointed out that the Gold price is once again rising during Asian trading hours. Additionally, he argued that it is the same pattern that existed before the price correction began when the U.S.-Iran war started.
As a result, Schiff anticipates that the gold price could continue to strengthen in the New York session and potentially rally toward $5,000 if Asian buyers, led by the People’s Bank of China (PBOC), continue to make more purchases.
Gold price forecast and outlook
Gold price advanced more than 8.74% over the past two weeks, trading at $4,413.05 at the time of publication. Consequently, it has approached its first resistance level around $4,500 per ounce, as Finbold explained earlier.
Nonetheless, Rashad Hajiyev, founder and senior analyst at RM Capital, issued a similar bullish thesis on the gold price as Schiff’s. Specifically, Hajiyev highlighted that the gold price has already broken out of its multi-month correction, thereby setting the stage for the next leg of over 70% upside.
On that basis, Schiff’s near-term prediction of an upswing of over 13% could be confirmed after this asset consistently closes above $4,500. Moreover, a rejection could trigger a renewed Gold price sell-off, as a possible reversal pattern characterized by lower highs and a head-and-shoulders (H&S) would happen.
Featured image via Peter Schiff YouTube
