Gold keeps climbing higher amid escalating geopolitical tensions

Gold continues to rise, seeing almost no obstacles on its way up. Today, January 19, 2026, the price hit another all-time high of $4,690.59 due to a significant surge in safe-haven demand. The latter, in turn, was triggered by escalating trade tensions between the United States and Europe.

From a technical standpoint, the precious metal has firmly consolidated above the middle Bollinger Band ($4,483). At the same time, the price is positioned at $4,678.30—dangerously close to the upper band ($4,684.87). This is a classic sign of heightened volatility and potentially overheated conditions in the short term. Meanwhile, the Chaikin Oscillator is still swimming in positive territory, with no trace of a downturn. Capital inflows keep supporting its growth.

The Stochastic Indicator completes the overall picture. Both the %K and %D lines are sitting in the overbought zone, suggesting that short-term bullish momentum is approaching extreme levels. A slight correction or weakening of upward momentum is therefore likely. However, given the current market environment, prices could rise even under overbought conditions.

On the fundamental side, strong drivers continue to support gold’s relentless advance. Escalating trade tensions with Europe raise concerns about a potential global economic slowdown and erode confidence in the US dollar as a safe-haven currency. The crisis surrounding the Federal Reserve’s independence is adding fuel to the fire. The Trump administration's ongoing criticism of Fed Chair Jerome Powell and the protracted search for his successor pose extra risks to US financial stability. Together, these factors make gold an increasingly appealing investment alternative.

The level of $4,700 is critically important. A decisive break through this resistance would open a path toward the next significant target zone of $4,750–$4,787, which corresponds to the upper boundary of the current channel.

Consider the following trading strategy:

Buy gold on pullbacks to $4,600–$4,660. Place Take profit at $4,760. Set Stop loss at $4,475.

This forecast remains relevant between January 19 and January 26, 2026.