The Return of Gold Fever... Gold at $7,000?Gold FuturesCOMEX_DL:GC1!federico_gomez_The gold futures contract GC1! has surged 13% in August 2026, recovering from the lows of June and July 2026. This rally leads us to consider the possibility that the metal may be heading toward new price levels. To assess this, we can apply the Fibonacci extension tool, using the 2001 lows as the starting point of the move and the 2011 highs as the reference. This structure, combined with a simplified Elliott Wave analysis, could suggest that we saw the Wave 3 top in 2026, coinciding with the 2.618 Fibonacci level ($5,711), and that the Wave 4 lows could be found at the 1.618 level ($4,249) — aligning with the lows of June, July, and August. Should the move continue, the next price targets could reach the 3.618 level ($7,173) and the 4.618 level ($8,635).