Oct 2, 2026

Gold Grinds Sideways as Bitcoin Builds a Long-Term Pattern

In a Kitco commentary, analyst Jonathan Da Silva reviewed the medium-term outlook for gold and bitcoin, noting that a sideways grind in gold has clearly been playing out. According to the commentary, the author had highlighted in a July 22 article that a medium-term bottom in gold was likely around $4,000, while expressing doubt about whether price would return to its all-time high.

The commentary also recalled a July 8 article in which the author wrote that periods of gold weakness driven by expectations of higher interest rates have historically presented attractive long-term buying opportunities, and stated that the market remains in one of those periods. For context, the commentary noted that the last time 10-year Treasuries yielded 5.25%, the gold price was less than $400.00 per ounce, which is 10x less than today, describing this as a condemning perspective on the long-term viability of fiat currency and some of the clearest evidence of gold's role as a store of value.

On the medium term, the commentary suggested gold could move farther down. It described a weekly chart with trendlines that are easily interpretable, and stated that a breach of the bottom rising trendline would likely trigger an avalanche of selling down toward the 3600 level highlighted by a yellow box, which would also likely clear lingering, persistent bullish sentiment.