Gold Monthly Forecast: October 2025 (Chart)

(MENAFN- Daily Forex)

• As pretty much all of you will know by now, gold is in a major uptrend.
• The month of September has seen a significant rise, from the $3600 level to roughly $3850 as I write this analysis.
• Ultimately, gold is a market that is all but impossible to get short of at the moment. I understand that many of you will be looking to take advantage of a market that is“too expensive”, but I postulate that it's likely the month of October will see more of the same action.

Bullish Momentum Begets Bullish Momentum

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At this point, it's obvious that any time the gold market pulls back, there are buyers out there willing to get involved. I suspect that will continue to be the situation, and there are a couple of places that I would be particularly interested in buying gold if we get some type of reasonable pullback. The $3700 level is the first place that I reviewed watching, but if for some reason we end up pulling back to the $3500 level, as long as support holds in that region, I would become aggressively bullish. Previously, we had an ascending triangle that measured for a move to the $3800 level early, and we have fulfilled that. The question of course is going to be“What comes next?”Central Banks and Economic Uncertainty

Central banks are buying gold hand over fist at the moment, preparing for somewhat ugly days ahead. Because of this, there is a certain amount of a“permanent bid” in this market, and I think it's difficult to try to fight the type of momentum that we are currently seeing. Simply put, this is the type of market that gets retail traders into serious trouble, because they think it just simply has“gone too far”, and while they might be right eventually, the reality is that timing something like this is her horrendous early difficult. In other words, I think the month of October is going to end up being one of 2 potential outcomes: we either get a runaway market, and at that point there isn't much you can do other than buying gold in small increments, or we end up seeing a significant pullback that should offer plenty of value.

EURUSD Chart by TradingViewFederal Reserve

A lot of people will be watching the Federal Reserve, because quite frankly the latest press conference really spooked a lot of the US dollar bears. If the US dollar suddenly strengthened rapidly, that could be part of the reason for a pullback in gold, but even if the US dollar continues to strengthen over the longer term, it will not change the outlook for gold as being positive.

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