GLD gold price analysis: Have the bullion found its bottom yet?

Gold price edged higher earlier on Friday as the bulls strive for a rebound above the crucial zone of $5,000 an ounce. In the previous session, it momentarily rose past that level before pulling back. At the start of the week, it had plunged to a one-month low at $4,408.

Based on the recent turn of events, it is still early to assert that the precious metal has found its short-term bottom. However, the fundamentals remain solid and point to further gains in the coming weeks. Overall, the market will likely continue to be highly volatile for a while longer. At the time of writing, the bullion was trading at $4,846. Similarly, the GLD gold ETF, which tracks the performance of the precious metal, was at $441 after pulling back from Thursday’s intraday high of $463. 

Increased volatility spreads across the gold market

Gold price’s heightened volatility in recent sessions has spread to major mining stocks and gold ETFs. After hitting a fresh all-time high on Wednesday, the Rio Tinto stock ended Thursday’s session down by 2.56%. Similarly, the leading gold ETF, SPDR Gold Shares (GLD) erased the gains recorded over the past two sessions, declining by 2.66%. 

The volatility comes as investors weigh on whether the recent plunge was an overreaction to short-term catalysts or the start to the end of the bull run. While the pullback was significant and fast, gold price still held above the level it was at the start of the year, and which it first hit in late December 2025. 

Besides, the fundamentals do not point to the investors’ demand for gold and other precious metals changing for the worse. As such, the forecasts of the bullion surging to new heights as the year progresses still hold steady. Indeed, dip buyers are already taking advantage of the lower prices to gain exposure.  

In the short-term, gold price may remain highly volatile as the market digests the recent rebounding of the US dollar and the expected shift in the Fed leadership. At the moment, it is still early to indicate that the precious metal has found its bottom. 

Nonetheless, it is still set to record a significant rebound in the short to medium-term. Steady investor demand, and expectations that the Fed will cut interest rates at least twice this year, are set to fuel further gold price gains. 

GLD gold price technical analysis

GLD price chart | Source: TradingView

At the start of the week, gold price plunged to a level last recorded a month ago. Seeing that the SPDR Gold Shares ETF tracks the metal’s performance, it also dropped to a three-week low at $423. While it has since erased some of those losses, the week has been marked with heightened volatility. 

On Thursday, GLD gold price reversed the gains recorded in the previous two sessions, ending the trade below the crucial zone of $450. Even so, the bulls remain in control. Indeed, gold price traded higher earlier on Friday as the bulls strive for a rebound above the crucial zone of $5,000.

As seen on its daily chart, GLD gold price continues to trade above the bullish trendline that has shaped its movements since late August 2025. Besides, it has remained above the 25 and 50-day EMAs. 

Based on both the technicals and fundamentals, the GLD gold price will likely remain within a price range amid the heightened volatility. While it may not have found its bottom yet, I expect it to hold steady above the bullish trendline. As a result, the range between $418 and $470 will be worth watching. 

Further rebounding may place the resistance at $481. On the flip side, a decline past the bullish trendline will invalidate this thesis.