Report from 24K99: As the market fiercely debates whether the 8% gold rally over the past two weeks is merely a dead-cat bounce (a brief rebound after a prolonged downtrend) or the start of a new bull market run, Wall Street veteran and economist Peter Schiff has delivered his forecast.
(Screenshot Source: Finbold)
Peter Schiff, Chief Economist and Global Strategist at Europac, stated that the gold price correction that dragged on through 2026 is "clearly over". Accordingly, he predicted gold could break above $5,000 per troy ounce very soon.
Schiff remarked on Wednesday (August 12): "The correction is clearly over. Gold will likely be back above $5,000 before long."
(Screenshot Source: X)
The economist noted that gold is climbing again during ASIan trading sessions. Furthermore, he believes this mirrors the price pattern seen right before the U.S.-Iran conflict triggered the previous gold correction.
Therefore, Schiff projects that if ASIan buyers led by the People’s Bank of China (PBOC) keep ramping up gold purchases, bullion will extend its strength into the New York trading session and march toward the $5,000 psychological threshold.
## Gold Price Forecast & Market Outlook
Gold has surged more than 8.74% in the past two weeks, trading at $4,413.05 per ounce on Wednesday. As Finbold previously analyzed, the metal is now closing in on its primary resistance zone near $4,500 per ounce.
(Weekly Chart of Spot Gold, Source: TradingView)
Rashad Hajiyev, Founder and Senior Analyst at RM Capital, shared a similarly bullish stance on gold.
Specifically, Hajiyev pointed out that gold has broken out of its multi-month corrective range, laying the groundwork for a subsequent rally of over 70%.
Based on this analysis, Schiff’s forecast of a more than 13% short-term upside for gold could be validated if prices can sustain a close above $4,500 per ounce.
Conversely, a rejection and failure to break this key level may spark a fresh wave of gold selling pressure. The market could form bearish reversal technical patterns such as lower highs and the classic Head and Shoulders (H&S) formation, signaling a trend reversal.