Gold has ripped more than 5% higher over the past three trading sessions, touching its strongest level since June 18, 2026 and reigniting talk of a much bigger move to come. Rashad Hajiyev, founder and senior analyst at RM Capital, says the metal is now in the early stage of a breakout that could carry it to $8,000 an ounce by the first quarter of 2027 — nearly double where it trades today.
Gold changed hands around $4,257 at the time of Hajiyev's call, putting his target roughly 88% above current levels. He frames the move as the resolution of a six-month bullish descending wedge, a chart pattern that typically precedes a sharp directional break once price clears resistance. For Hajiyev, that resistance sits at $4,500 — the level he says gold must close above to confirm the rally toward uncharted territory.
“I am pretty sure gold's August 2026 breakout that started yesterday is going to double the price to $8,000 by the first quarter of 2027,” Hajiyev said, pointing to a prior instance in mid-2025 when a similar consolidation breakout produced a 65% rally in just 157 days as his precedent for the current setup.
Central Banks Keep Buying
Hajiyev's bull case leans heavily on official-sector demand. Central banks, led by China, purchased 289 metric tons of gold in the second quarter of 2026, up 62 tons year-over-year — a pace of accumulation that has underpinned nearly every leg of gold's multi-year advance and given bulls a structural reason to look past short-term pullbacks.
A Wall Street Consensus That Keeps Getting Run Over
Hajiyev's $8,000 target is well above where the major banks sit. UBS Group AG has penciled in $5,200 by June 2027, while JPMorgan and Goldman Sachs have both guided toward the $5,500-$6,000 range for later this year, according to recent research notes. Yet that gap has a history: after gold surged more than 27% in 2024, banks entered 2025 with what looked like aggressive forecasts, only to watch the metal blow through $5,000 an ounce in January 2026 and print a fresh intraday record above $5,589 — forcing a fresh round of upward revisions. Gold's habit of outrunning consensus is part of why calls like Hajiyev's, however outsized they look on paper, keep finding an audience.
The Bitcoin Angle
The rally is also feeding back into crypto markets, where gold's run has long been treated as a proxy fight over which asset best serves as a hedge against currency debasement. Bitcoin has made its own case for that title this year: the asset staged a sharp rebound past $65,000 after a bout of quantum-computing-driven selling, a reminder that both assets are increasingly being bought — and sold — on the same macro narrative even as their price paths diverge.
For now, Hajiyev's timeline gives traders a concrete level to watch: a decisive close above $4,500 would, in his view, open the door to the kind of parabolic move gold has pulled off before. Whether $8,000 arrives on schedule or not, the wager underscores how much conviction remains behind gold's advance even after a rally that has already rewritten the record books once this year.
