Gold price surgedfor a fifth consecutive trading session today (Thursday), November 13, 2025,climbing nearly 1% to reach intraday highs of $4,239.52 per ounce beforesettling around $4,229.59, marking a dramatic reversal from last month'scorrection and reigniting the precious metal's historic bull run.The rallyhas delivered impressive gains of approximately 7% over five sessions,pushing gold back to levels not tested since October 21st and stoking renewedoptimism that the metal could challenge its all-time high near $4,400established in mid-October.In thisarticle, I explore why gold price is going up today, analyze technical chartpatterns suggesting further upside potential, and examine institutionalforecasts predicting the precious metal could surge another 20% to breach$5,000 per ounce by 2026.Why Gold Price Is Going UpToday?Thecatalyst behind gold's resurgence centers on the resolution of America'slongest government shutdown in history. PresidentDonald Trump signed legislation late Wednesday night, November 12th,officially ending the 43-day impasse that had paralyzed federaloperations and created unprecedented economic uncertainty.The Houseof Representatives voted 222-209 to approve the funding package, which extendsgovernment operations through January 30th and includes full-yearappropriations for military construction, veterans affairs, and the Departmentof Agriculture. Speakingfrom the Oval Office after signing the bill at 10:25 PM EST, Trump stated thegovernment would now "resume normal operations" after "peoplewere hurt so badly" during the extended shutdown.Theshutdown's end removes a critical source of data uncertainty that hadcomplicated Federal Reserve policy decisions. According to Eric Chia, FinancialMarkets Strategist at Exness, "The dollar index edged lower on Thursday asinvestors remained concerned about the potential weakness in upcoming data, asprogress in Washington helped end a government shutdown".Markets arenow bracing for a flood of delayed economic reports, including two monthlyemployment figures and critical inflation data that could reshape rate cutexpectations.How High Can Gold Go?Technical Analysis Points to $4,400 RetestBased on mytechnical analysis of gold's chart patterns, the precious metal has beenclimbing for five consecutive sessions, gaining 7% during this period andtesting levels last seen nearly a month ago on October 21st. As of today,November 13th, 2025, gold is increasing by nearly 1% and establishing sessionhighs at $4,239.52 per ounce, trading around $4,229.59 at the time of writing.As visibleon my technical chart, gold is currently consolidating between the $3,900support zone reinforced by the 50-day exponential moving average and theprevious all-time high from October near the $4,400 level.[#highlighted-links#] The currentupward movement has a clear path to retest the ATH and enter a price discoveryphase, which would align with forecasts from major financial institutions.The currentprice action suggests gold has established a solid foundation above thepsychologically critical $4,000 threshold. The 50 EMA, positioned around$3,830-$3,900, has provided dynamic support during recent pullbacks andrepresents the first line of defense against any renewed selling pressure.In my earlier analysis of gold, I suggested thatFibonacci extensions point to the possibility of theyellow metal rising to $5,600, which would represent a 40 percent jump fromcurrent levels.Adisruption to the bullish scenario would occur if gold falls below the currentmain support area at the 50 EMA, opening the path toward testing the 200 EMA atthe $3,440 level, coinciding with peaks drawn from April through July. Thisentire support zone extends down to $3,273. However, given the currentfundamental setup, I would not expect a decline that deep.Federal Reserve Rate CutExpectations Fuel RallyBeyond shutdown resolution, gold's surge reflectsintensifying market conviction that the Federal Reserve will deliver anotherinterest rate reduction in December. CME FedWatch Tool currently shows traderspricing a 63% probability of a 25-basis-point cut at the DecemberFOMC meeting, though some Fed officials have hinted at potentially largermoves."Markets responded to Powell's caution by biddingup the U.S. dollar, which has emerged as the primary headwind for Bitcoin.However, gold remains the trusted store of value, while Bitcoin continuesto mirror broader risk sentiment, reacting to liquidity swings and dollarstrength rather than insulating against them,” Jorge Schnura, President ofKeyrock Asset and Wealth Management, explained the dynamics at play.Lower interest rates fundamentally support gold byreducing the opportunity cost of holding non-yielding assets. When bond yieldsand savings rates decline, gold's lack of income generation becomes less of adisadvantage, making the precious metal more attractive relative tointerest-bearing alternatives."Goldis reflecting broader market uncertainty, driven by global tariffs, interestrates, and monetary policy shift,” Mamadou Kwidjim Toure, Founder and CEO atUbuntu Group, commented for FinanceMagnates.com. “It continues to serve as aproven hedge against inflation, a role it has held for decades. Rising goldprices often act as a benchmark for other assets like Bitcoin, influencinglong-term portfolio diversification strategies".Thecombination of strong investor inflows, heightened trading activity, andbroad-based central bank accumulation has positioned 2025 as one of gold's mostdynamic years on record, with both institutional and sovereign playersreinforcing its role as a hedge against uncertainty.Gold Price PredictionBullish Forecasts Target$5,000+Despiterecent volatility, major financial institutions maintain aggressively bullishoutlooks for gold through 2026, with several forecasts suggesting the preciousmetal could surge another 20% or more from current levels to breach$5,000 per ounce.JP Morgandelivered perhaps the most bullish projection, forecasting gold couldaverage $5,055 per ounce by Q4 2026, supported by investor interest andcentral bank purchases averaging approximately 566 tons each quarter throughout2026. The bank maintains a longer-term target of $6,000 per ounce by 2028,urging investors to adopt a multi-year perspective.NatashaKaneva, head of Global Commodities Strategy at JP Morgan, stated: "Goldremains our conviction long for the year. We see upside as the market entersthe Fed rate-cutting cycle". GoldmanSachs projects similar upside, targeting $5,055 by late 2026, citing"strong Western ETF inflows and continued central bank buying as thedrivers" while noting that "risks to this forecast remain skewed tothe upside because private sector diversification into the relatively smallgold market may push ETF holdings higher than expected".Bank ofAmerica raised its 2026 forecast to $5,000 per ounce with an averagearound $4,400, acknowledging the possibility of short-term corrections butremaining optimistic about further gains by 2026. The bank highlighted that"a 10-15% increase in investment demand—similar to this year's trend—couldelevate gold to $5,000 per ounce".Major Institution GoldPrice Forecasts TableGold Prices, FAQWhy is gold surging today?Gold surgedfor a fifth consecutive session (+7% over five days) to $4,229.59 followingPresident Trump signing legislation November 12th ending 43-day governmentshutdown (longest in US history), removing data uncertainty that complicatedFederal Reserve policy decisions while traders price 63% probability ofDecember rate cut (25 basis points), reducing opportunity cost of holdingnon-yielding assets.How high can gold pricego?Technicalanalysis identifies clear path to retest all-time high near $4,382 and enterprice discovery phase, with institutional forecasts targeting $5,000-$5,055 byQ4 2026 (19.5% upside), supported by JP Morgan's conviction traderecommendation and Goldman Sachs projection citing strong Western ETF inflows($8.2 billion October) and central bank purchases (200 tonnes year-to-date).Is the gold rallysustainable?Gold ETFsattracted five consecutive months of inflows through October 2025 with NorthAmerican funds seeing $6.5 billion despite 5% price pullback, while centralbanks reported highest 2025 monthly purchases (39 tonnes September), withPoland (67 tonnes), Kazakhstan (40 tonnes) leading year-to-date accumulation of200 tonnes, demonstrating institutional confidence in long-term trajectoryregardless of volatility.Should I buy gold now?Yes. Currentconsolidation between $3,900 support (50 EMA) and $4,400 previous ATHrepresents attractive entry zone according to technical analysis, with MorganStanley's $4,400 average 2026 forecast (+6.4%), Bank of America's $5,000 peaktarget (+18.2%), and JP Morgan's $6,000 by 2028 suggesting multi-year bullmarket intact, though investors should monitor December Fed decision anddelayed economic data releases.This article was written by Damian Chmiel at www.financemagnates.com.