Gold’s next rally could be taking shape: Why investors should focus on the bigger picture

Gold, after a sharp correction from January highs, is consolidating and showing technical signs of a potential next rally, with the daily RSI forming a bullish divergence. Structural demand remains strong, with the World Gold Council's 2026 survey showing nearly nine out of ten central banks expect global official gold holdings to rise over the next year and almost half plan to add to their own reserves. China's PBoC added 15 tonnes of gold in June 2026 (its largest monthly purchase since October 2023), extending a twenty-consecutive-month buying streak to take reserves to 2,346 tonnes, or a record 8% of its foreign exchange reserves.