4 Reasons To Believe That The 2nd Half Gold Rally Is Just Getting Started

Gold is poised for a strong rally in H2, supported by a technical breakout and favorable seasonality. A persistent gap between gold prices and global liquidity proxies implies potential targets up to $5,400/oz. Rising global debt and underallocation in central bank reserves provide a robust long-term bullish thesis for gold. Speculative positioning and overbought technicals present near-term volatility risks, but fiscal reform remains the key headwind. I remain optimistic on the gold thesis. This article is part of my hard assets series started in January 2025. Gold is presenting promising catalysts to deliver excellent performance in the second half of 2026.