GLD slips 22% from its peak as Goldman Sachs cuts its gold price target. Explore the tactical bear case and the structural bull case.
The largest gold ETF, SPDR Gold Trust (NYSE:GLD), has slipped into the bear market.
A decline of more than 22% from its peak triggered a technical classification in the fourth month of losses.
Institutions have noticed.
Goldman Sachs cut its year-end 2026 price target from $5,400 to $4,900 an ounce.
Analysts Lina Thomas and Daan Struyven called the outlook "structurally constructive but tactically cautious." The immediate culprit is the Federal Reserve.
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