Lars Hansen

Gold is trading in its tightest technical structure since August 2025, a period that preceded a powerful advance. Market focus is now fixed on the $4,400 level as Chinese demand, central bank accumulation and dollar weakness fuel expectations for a larger move.

Central bank gold buying accelerated sharply in May, reinforcing the view that official-sector demand is absorbing the latest pullback. With Poland and China adding aggressively, market participants are watching whether gold is setting up for a fresh year-end advance.