Gold Outlook: Where is gold price headed?

Gold price surged to a new high of $5,311 per ounce earlier on Wednesday. It has come down from this high and is now trading at $5,260. The big question that is going around everywhere is, how far can the yellow metal price rise?

On the charts $5,200 was an important resistance. The price seems to have risen comfortably above that. There is no major resistance that can be spotted on the charts. So, in order to gauge how much more gold prices can rise, we look at Silver and the Gold/Silver ratio.

Silver outlook

Silver ($113 per ounce) has more room to rise from here. The next significant resistance visible on the charts is $138. There is a possibility of the price finding a top around this level.

Gold/Silver ratio

Gold/Silver (46.55) has been coming down sharply over the last few months. This ratio is obtained by dividing the gold price by silver price. A fall in the ratio indicates that Silver is outperforming gold and vice versa. The gold/silver ratio can fall to 39 from current levels. This indicates that silver can continue to outperform gold going forward.

Gold forecast

So, a rise in silver price to $138 and a fall in the gold/silver ratio to 39 gives us $5,382 ($138 * 39) for gold. This study shows that there is not much room left on the upside for gold. We will have to wait and see what happens.

Published on January 28, 2026