Gold experienced its worst monthly performance since the 2008 financial crisis in March 2026, with prices plunging into the low $4,000s before a dramatic reversal in the final week. The metal rallied nearly 15% from its March 23 bottom, closing the quarter up about 7% and bringing the spot price to around $4,700 per ounce.
Prominent gold bull and Bitcoin critic Peter Schiff highlighted this unusual setup, noting March was gold's worst month in 17 years, yet it ended with a furious rally. Schiff suggested April could become gold's best month since 1980, citing a sentiment reset after the selloff flushed out weak hands. He argues momentum is now driven by physical demand, a weakening U.S. dollar narrative, a halt in Federal Reserve rate hikes, and simmering geopolitical tensions.
Technically, PAX Gold (PAXG) trades at $4,687, firmly above its 200-day moving average of $4,450, which now acts as key support. Resistance is seen at $4,700, with breaks above potentially targeting $4,800 to $5,000. The Relative Strength Index (RSI) is elevated at 68.38 but not yet extreme.
Analysts offer mixed predictions. A conservative target sees gold reaching $5,200 by April-end, a 10-12% gain. A more extreme scenario, mirroring 1980's 60% rally, could push prices toward $7,500. However, the macro backdrop remains challenging, with Fed Chair Jerome Powell signaling a 'higher-for-longer' interest rate environment that structurally penalizes non-yielding assets like gold.
The recent bounce was partly triggered by a Wall Street Journal report that President Donald Trump signaled willingness to end the U.S. military campaign against Iran, easing immediate geopolitical fears. Ilya Spivak, head of global macro at Tastylive, noted this triggered a 'risk-on' response and that falling Treasury yields suggest markets are pricing the Iran conflict as a recession risk, which benefits gold.
The selloff has raised questions about gold's safe-haven narrative, prompting some capital allocators to seek alternatives. The article highlights LiquidChain ($LIQUID), a Layer 3 infrastructure project positioning itself as a cross-chain liquidity layer for Bitcoin, Ethereum, and Solana. Its ongoing presale, priced at $0.01445, has raised over $630,000, promoted as an 'early-stage infrastructure play' with asymmetric upside.
