Goldman Sachs yesterday raised its 2026 gold target price from $4,900 per ounce to $5,400 per ounce.

Here's a quick review of my public timeline for gold outlook:

① January 18｜👉 Gold at $4,596 per ounce still has about 10% upside, then it will enter a wide-range consolidation phase.

② January 21｜Updated view 👉 Gold entering the $5,300–$5,500 per ounce range, remember to gradually reduce positions.

Now, Goldman Sachs's target price of $5,400 exactly falls within the core range I previously mentioned. When mainstream investment banks start collectively raising target prices, it often indicates:

Price logic has been thoroughly discussed

A consensus is forming

The cost-effectiveness at the trading level is actually decreasing

So, the emphasis in the $5,300–$5,500 range is not on “bearish gold,” but on shifting from “trend holding” to “position management.”

What truly deserves thought next is:
👉 If gold enters a high-level consolidation, where will the market’s risk premium shift to?
👉 How long do you think gold will hover sideways at high levels? Or will it reverse trend ahead of schedule?