Economist Peter Schiff has a more positive outlook on gold's future prospects. He believes that a Democratic-controlled Congress could lead to higher government spending, larger budget deficits and increased regulation. In his view, these developments could contribute to higher inflation and increase demand for gold as a way to protect wealth. This outlook differs from Goldman Sachs' more cautious short-term position, highlighting the significant disagreement among market experts about how much further gold prices could rise.

Recent market developments have also supported precious metals. Gold prices moved higher on Monday as the US dollar weakened, partly following reports of ongoing negotiations between the United States and Iran. Growing hopes of a possible peace agreement have helped ease some concerns about geopolitical risks. Oil prices have also remained close to their lowest levels in approximately two months. However, stronger-than-expected US employment figures have created another challenge for gold, increasing expectations that the Federal Reserve could keep interest rates higher for longer or even consider another rate hike in December.

From a technical perspective, gold is approaching an important resistance area around $4,150 per ounce, which previously limited its gains. If buyers manage to push prices above this level, the next areas to watch are around $4,230 and $4,400. On the downside, initial support is located around $4,050, followed by $4,030 and the important psychological level of $4,000. If gold falls below this area, further declines towards $3,900 and $3,825 could become possible. These levels are important for traders to monitor, although changing market conditions and upcoming economic data could quickly affect the short-term outlook.

Overall, gold continues to receive support from central bank demand, geopolitical uncertainty and expectations about future interest rate changes. However, Goldman Sachs' decision to lower its forecasts suggests that the path towards higher prices may not be straightforward. Upcoming US inflation data and the Federal Reserve's monetary policy decisions will be particularly important in determining the market's direction. For traders and investors, the main question is whether strong demand for gold will be enough to support further gains despite expectations of higher interest rates. The coming weeks could provide a clearer picture of whether the recent recovery has room to continue or whether gold prices will face further pressure.