The Gap in the Daily Chart has now been Filled

Gold has made some crazy moves lately. Especially after a gap appeared in the daily chart some nine trading days ago.

We went from about $4,650 to $5,600 in a matter of five days, only to be hit by a three day sell off down to a low of $4,400.

This can all be explained, technically, in terms of the above mentioned gap.

The rule is that when a gap appears, it indicates speculative fever. What follows is unsustainable, and will always collapse down to below the gap. The gap will in other words be filled.

Once the gap is filled, we have support, and the rally can continue.

My prediction for the gold price is therefore that it will start producing a bullish base for a break out above $5,600.

There will be support at $4,650, and this support is likely to trend upwards.

This will take several months to form, so this is a good time to start accumulating gold. Buying gold at below $5,000 is likely to prove itself profitable by the end of this year.

Daily chart for gold up until 2/2 2026