Gold Might Dip to $3,600 Next Week—But the Bull Run Is Far From Over
I’ve got news for you: just because gold can’t hold above $3,700 this week doesn’t mean the rally’s finished. In fact, if you’ve been waiting for a pullback to jump in, this might be your shot.
Let’s get one thing straight: nothing’s broken in this bull market. If anything, gold is just catching its breath.
Gold at $3,683? That’s Still a Weekly Record
Despite some short-term selling, gold just notched another record weekly close—finishing up 1% on the week. That’s with traders taking some profits and the Fed playing its usual game of monetary hopscotch.
Philippe Gijsels, a strategist at BNP Paribas Fortis, nailed it when he said gold could bounce around $3,600 in the short run, but any real crash is off the table. Why? Because the Fed’s easing cycle is back on—quietly, but surely.
And guess what? We’re still just getting started.
A Dip? Maybe. But This Rally Isn’t Done.
Some folks are worried that gold’s rise—up more than 40% year-to-date—is “overdone.” Let me tell you something as someone who’s watched markets for over four decades:
Big moves don’t happen unless the system is breaking down.
And right now, it is.
Gijsels says we’re in the early stages of a bull market, and I agree. He’s looking for $4,000 gold by year-end or early 2026, and honestly, I wouldn’t be shocked if we get there sooner if inflation flares back up or the Fed panics again.
Christopher Vecchio at Tastylive.com put it best:
“I keep trying to find a reason to be bearish gold, and that scenario continues to elude me.”
Same here, Chris. Same here.
Why the Smart Money Still Loves Gold
Even at $3,700, gold remains the only real alternative to the U.S. dollar. Central banks know it. That’s why they’re still buying. Why? Because faith in the dollar is cracking—and the government isn’t helping.
Let’s connect the dots:
- Inflation’s still running hot.
- The national debt is blowing past $37 trillion.
- The White House is pressuring the Fed to cut rates even while prices are climbing.
You think that inspires confidence in fiat? Please.
Vecchio hit another home run when he said:
“Central banks will continue to incrementally diversify away from the U.S. dollar, and the only real alternative they have is gold.”
What’s Coming? Political Pressure + Fed Fireworks
Here’s where it gets spicy: The Fed has mapped out a “mild” path of two more rate cuts this year, and maybe one in 2026. But that’s assuming the political pressure doesn’t crank up.
Don’t forget, President Trump is back in the game—and already reshaping the Fed. One of his appointees, Stephen Miran, voted this week for a 50-point cut, while others held steady. That dissent? It’s a sign of what’s brewing beneath the surface.
Commodity analyst Carsten Fritsch warns that Miran may be angling for a total 125-point cut by year-end. That kind of slash would be like rocket fuel for gold.
Miran speaks Monday at the Economic Club of New York. If he doubles down on aggressive easing, gold could pop next week.
Buckle Up for Volatility—But Don’t Blink
Now, let’s be honest—there will be bumps in the road. Naeem Aslam from Zaye Capital says some traders are using this window to take profits. That’s normal. We’re likely to see some chop around $3,600 as the market digests recent gains.
But don’t mistake volatility for weakness. If inflation surprises next week, or if political headlines rattle markets, Aslam sees gold jumping to $3,750–$3,800 fast.
What to Watch Next Week (Mark Your Calendar):
📅 Monday: Stephen Miran speaks at Economic Club of NY
📅 Tuesday: U.S. Flash PMI
📅 Wednesday: New Home Sales
📅 Thursday: Swiss rate decision, U.S. GDP, Durable Goods, Jobless Claims, Existing Home Sales
📅 Friday: Core PCE (Fed’s favorite inflation gauge), Revised U of M Sentiment
Bottom Line: Gold’s Not Backing Down—Neither Should You
Every dip is being met with heavy buying. Every sign of trouble sends gold higher. And the Fed’s “control” of the situation? It's hanging by a thread.
If you’re sitting on cash hoping for stability, I hate to break it to you—it’s not coming. But you can build your own stability with gold and silver.
This pullback to $3,600? That’s not a warning sign—it’s an invitation.
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Stay ready,
Frank Balm
