{"id":52345,"date":"2026-08-19T12:05:18","date_gmt":"2026-08-19T12:05:18","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-latam\/uncategorized\/is-gold-headed-to-4500-whats-really-driving-the-latest-rally\/"},"modified":"2026-08-19T12:05:18","modified_gmt":"2026-08-19T12:05:18","slug":"is-gold-headed-to-4500-whats-really-driving-the-latest-rally","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-latam\/featured\/is-gold-headed-to-4500-whats-really-driving-the-latest-rally\/","title":{"rendered":"L\u2019or va-t-il atteindre 4 500 dollars ? Les v\u00e9ritables moteurs de la derni\u00e8re flamb\u00e9e"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/img_v3_0214n_33dce79e-7d9a-4f49-8949-b0f95df54bhu-1024x576.jpg\" alt=\"\" class=\"wp-image-65569\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Vue d\u2019ensemble<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019or s\u2019est repris au-dessus de 4 400 $ l\u2019once, et le seuil cl\u00e9 de 4 500 $ redevient central apr\u00e8s un rebond marqu\u00e9 depuis des niveaux inf\u00e9rieurs \u00e0 4 000 $.<\/li>\n\n\n\n<li>Les anticipations de taux de la R\u00e9serve f\u00e9d\u00e9rale (Fed, banque centrale am\u00e9ricaine) restent le principal moteur : des statistiques am\u00e9ricaines plus faibles r\u00e9duisent la probabilit\u00e9 d\u2019un nouveau durcissement mon\u00e9taire (hausse des taux) et soutiennent l\u2019or.<\/li>\n\n\n\n<li>Un dollar am\u00e9ricain plus faible et des rendements obligataires en baisse pourraient prolonger la hausse, tandis que des donn\u00e9es am\u00e9ricaines solides ou un retour de l\u2019inflation pourraient peser sur les cours.<\/li>\n\n\n\n<li>L\u2019incertitude g\u00e9opolitique et les achats des banques centrales continuent d\u2019alimenter le r\u00f4le de valeur refuge (actif recherch\u00e9 en p\u00e9riode de stress) et l\u2019attrait de long terme de l\u2019or.<\/li>\n\n\n\n<li>4 500 $ est le niveau \u00e0 surveiller : un franchissement durable pourrait ouvrir la voie \u00e0 de nouveaux gains, tandis qu\u2019un \u00e9chec sous ce seuil pourrait entra\u00eener une phase de stabilisation ou un repli.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a retrouv\u00e9 une dynamique haussi\u00e8re, repassant au-dessus de 4 400 $ l\u2019once et rapprochant le march\u00e9 du seuil psychologique de 4 500 $. Le mouvement est notable : apr\u00e8s \u00eatre pass\u00e9 sous 4 000 $, le m\u00e9tal a nettement rebondi en ao\u00fbt, avec une hausse proche de 10% depuis ses plus bas r\u00e9cents. Reste \u00e0 savoir s\u2019il s\u2019agit d\u2019un simple rebond technique (reprise apr\u00e8s une baisse) ou du d\u00e9but d\u2019une nouvelle phase de hausse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La prochaine \u00e9tape d\u00e9pendra surtout de trois facteurs : <strong>les anticipations sur la Fed, le dollar et les risques g\u00e9opolitiques<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold steadied after a bond rout and deadlock in the Strait of Hormuz snapped a nascent uptrend <a href=\"https:\/\/t.co\/3fzt0IUvPh\">https:\/\/t.co\/3fzt0IUvPh<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2089892630108799465?ref_src=twsrc%5Etfw\">August 19, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">La Fed reste le moteur principal<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ces derni\u00e8res semaines, les march\u00e9s ont revu leurs attentes sur la prochaine d\u00e9cision de la Fed. La banque centrale r\u00e9p\u00e8te que sa politique est \u00ab d\u00e9pendante des donn\u00e9es \u00bb (elle ajuste ses d\u00e9cisions selon les statistiques), et des indicateurs am\u00e9ricains plus faibles ont r\u00e9duit l\u2019id\u00e9e qu\u2019un nouveau durcissement mon\u00e9taire soit n\u00e9cessaire.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold held a two-day gain as reduced expectations for an interest-rate hike by the Federal Reserve weighed on the US dollar, making bullion cheaper for most buyers <a href=\"https:\/\/t.co\/7TqRIz1faw\">https:\/\/t.co\/7TqRIz1faw<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2089495007401025877?ref_src=twsrc%5Etfw\">August 17, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est crucial pour l\u2019or. L\u2019or ne verse pas d\u2019int\u00e9r\u00eat : quand les taux d\u2019int\u00e9r\u00eat montent et que les rendements obligataires (le taux offert par les obligations, notamment les titres du Tr\u00e9sor am\u00e9ricain) progressent, d\u00e9tenir de l\u2019or devient moins attractif car on renonce \u00e0 ce rendement. \u00c0 l\u2019inverse, lorsque les march\u00e9s \u00e9cartent l\u2019hypoth\u00e8se de nouvelles hausses de taux, le contexte devient plus favorable \u00e0 l\u2019or.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les derni\u00e8res donn\u00e9es sur l\u2019inflation, l\u2019emploi et la consommation ont relanc\u00e9 le d\u00e9bat sur la marge de man\u0153uvre de la Fed : continuer \u00e0 relever les taux risquerait de peser davantage sur l\u2019\u00e9conomie. Les investisseurs sont donc moins convaincus qu\u2019une nouvelle hausse de taux soit proche, ce qui a aid\u00e9 l\u2019or \u00e0 revenir vers 4 400 $.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Attention : l\u2019or r\u00e9agit surtout aux anticipations, pas \u00e0 des d\u00e9cisions d\u00e9j\u00e0 act\u00e9es. Si les prochains indicateurs confirment un ralentissement, les anticipations sur la Fed pourraient soutenir davantage l\u2019or. \u00c0 l\u2019inverse, des chiffres meilleurs que pr\u00e9vu pourraient pousser le march\u00e9 \u00e0 revoir ses attentes de taux, ce qui serait d\u00e9favorable aux m\u00e9taux pr\u00e9cieux.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La faiblesse du dollar renforce le soutien<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deuxi\u00e8me facteur : le dollar. L\u2019or est cot\u00e9 en dollars et \u00e9volue souvent en sens inverse du billet vert. Un dollar plus faible rend l\u2019or moins cher pour les acheteurs hors \u00c9tats-Unis. Le DXY (indice qui mesure la force du dollar face \u00e0 un panier de grandes devises) est un rep\u00e8re courant pour suivre cette tendance.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The dollar falls to its weakest level in three months as investors scale back expectations for further Fed interest-rate increases <a href=\"https:\/\/t.co\/baloBtwxVB\">https:\/\/t.co\/baloBtwxVB<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2089283628979069024?ref_src=twsrc%5Etfw\">August 17, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Des donn\u00e9es am\u00e9ricaines plus molles ont pes\u00e9 sur le dollar, car les op\u00e9rateurs ajustent leurs attentes de taux. Cela a donn\u00e9 un nouvel appui \u00e0 l\u2019or et aux autres m\u00e9taux pr\u00e9cieux, rendant la trajectoire du dollar d\u00e9terminante \u00e0 l\u2019approche de 4 500 $.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si le dollar recule encore et que les rendements des obligations du Tr\u00e9sor baissent, l\u2019or pourrait b\u00e9n\u00e9ficier d\u2019un contexte macro\u00e9conomique favorable (environnement g\u00e9n\u00e9ral : croissance, inflation, taux, devises). En revanche, un regain d\u2019inflation ou des statistiques am\u00e9ricaines solides pourraient inverser rapidement cette dynamique : c\u2019est l\u2019un des principaux risques pour le rebond actuel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les risques g\u00e9opolitiques entretiennent la demande de valeur refuge<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le r\u00f4le de valeur refuge de l\u2019or reste d\u2019actualit\u00e9, notamment avec les tensions impliquant l\u2019Iran, les \u00c9tats-Unis et l\u2019incertitude au Moyen-Orient. Plus t\u00f4t cette ann\u00e9e, l\u2019or avait pourtant pein\u00e9 lors des pics de tensions : les march\u00e9s cherchaient surtout de la liquidit\u00e9 (facilit\u00e9 \u00e0 acheter\/vendre sans trop faire bouger les prix), tandis que la hausse de l\u2019\u00e9nergie alimentait les craintes d\u2019inflation, poussant les banques centrales \u00e0 maintenir une politique restrictive (taux \u00e9lev\u00e9s). Un dollar plus fort avait aussi frein\u00e9 l\u2019or.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Hormuz traffic slows as uncertainty over waterway persists <a href=\"https:\/\/t.co\/hInnq98KGc\">https:\/\/t.co\/hInnq98KGc<\/a> <a href=\"https:\/\/t.co\/hInnq98KGc\">https:\/\/t.co\/hInnq98KGc<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2089960606560399460?ref_src=twsrc%5Etfw\">August 19, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Plus r\u00e9cemment, l\u2019or semble regagner son attrait d\u00e9fensif. Toute escalade pourrait donc d\u00e9clencher de nouvelles positions de protection (achats destin\u00e9s \u00e0 r\u00e9duire le risque) et soutenir la demande.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les tensions g\u00e9opolitiques ne suffisent toutefois pas, \u00e0 elles seules, \u00e0 fixer la direction des prix. Le sc\u00e9nario le plus favorable serait une incertitude g\u00e9opolitique combin\u00e9e \u00e0 un dollar plus faible et \u00e0 des anticipations de taux am\u00e9ricains en baisse. Cet ensemble pourrait fournir l\u2019impulsion n\u00e9cessaire pour franchir 4 500 $.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les banques centrales ancrent la tendance de fond<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Au-del\u00e0 des facteurs de court terme, un soutien structurel (tendance de fond) se dessine : les achats des banques centrales. Celles-ci consid\u00e8rent de plus en plus l\u2019or comme une r\u00e9serve strat\u00e9gique, afin de diversifier leurs r\u00e9serves et de r\u00e9duire leur d\u00e9pendance aux grandes monnaies fiduciaires (monnaies sans ancrage \u00e0 un actif physique, comme le dollar ou l\u2019euro).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">China\u2019s central bank is stockpiling more gold in Hong Kong, sources say, in a move that\u2019s likely to support the city\u2019s push to become a major bullion-trading hub <a href=\"https:\/\/t.co\/cFwWDVScnQ\">https:\/\/t.co\/cFwWDVScnQ<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2085582983331770808?ref_src=twsrc%5Etfw\">August 7, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Cette demande apporte un socle au march\u00e9 et renforce l\u2019attrait de long terme. Cela n\u2019emp\u00eache pas des corrections (baisses marqu\u00e9es). En 2026, l\u2019or a \u00e9t\u00e9 tr\u00e8s volatil (fortes variations), et des replis rapides peuvent encore survenir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais la demande des institutions et des banques centrales reste un soutien important pour la trajectoire de long terme.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4 500 $ en ligne de mire ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">D\u2019un point de vue graphique (analyse technique : lecture des cours pass\u00e9s pour rep\u00e9rer des zones cl\u00e9s), la zone 4 400\u20134 500 $ est d\u00e9terminante. L\u2019or a fortement rebondi, mais apr\u00e8s une hausse aussi rapide, mieux vaut \u00e9viter de courir apr\u00e8s le prix. Plus l\u2019or se rapproche de 4 500 $, plus le risque de prises de b\u00e9n\u00e9fices (ventes apr\u00e8s gains), de stabilisation et de volatilit\u00e9 \u00e0 court terme augmente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un franchissement net et durable au-dessus de 4 500 $ serait un signal haussier important et pourrait ouvrir la voie vers des niveaux sup\u00e9rieurs. \u00c0 l\u2019inverse, des \u00e9checs r\u00e9p\u00e9t\u00e9s sous ce seuil pourraient provoquer un repli vers les soutiens pr\u00e9c\u00e9dents (niveaux o\u00f9 les acheteurs reviennent) avant une nouvelle tentative.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le tableau d\u2019ensemble reste n\u00e9anmoins favorable. Le rebond actuel ne tient pas \u00e0 un seul facteur, mais \u00e0 la combinaison d\u2019anticipations de Fed plus accommodantes (politique plus souple : baisse des taux ou arr\u00eat des hausses), d\u2019un dollar plus faible, d\u2019incertitudes g\u00e9opolitiques et d\u2019une demande structurelle d\u2019or. Dans ce contexte, 4 500 $ est un objectif cr\u00e9dible \u00e0 court terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais il faut garder en t\u00eate la volatilit\u00e9 de l\u2019or cette ann\u00e9e. La route vers 4 500 $ sera probablement agit\u00e9e, et les prochaines donn\u00e9es am\u00e9ricaines sur l\u2019inflation, l\u2019emploi et la croissance peuvent vite modifier les anticipations de politique mon\u00e9taire, et donc les perspectives de l\u2019or.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>FAQs<\/summary>\n<p class=\"wp-block-paragraph\"><strong>Q : Pourquoi l\u2019or grimpe-t-il vers 4 500 $ ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : L\u2019or a fortement rebondi en ao\u00fbt, avec pr\u00e8s de 10% de hausse depuis ses plus bas sous 4 000 $. Le mouvement s\u2019explique par des anticipations de taux de la Fed plus favorables, un dollar plus faible, des tensions g\u00e9opolitiques et les achats continus des banques centrales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q : Comment la Fed influence-t-elle le prix de l\u2019or ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : L\u2019or ne verse pas d\u2019int\u00e9r\u00eat. Quand le march\u00e9 anticipe des hausses de taux ou des rendements obligataires plus \u00e9lev\u00e9s, l\u2019or perd en attractivit\u00e9 car d\u2019autres placements rapportent davantage. Des donn\u00e9es am\u00e9ricaines plus faibles font anticiper moins de durcissement de la Fed, ce qui soutient l\u2019or.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q : Quel est le r\u00f4le du dollar dans ce rebond ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : L\u2019or est cot\u00e9 en dollars, et les deux \u00e9voluent souvent en sens inverse. Quand le dollar baisse, l\u2019or devient moins cher pour les acheteurs internationaux, ce qui tend \u00e0 faire monter le prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q : Comment les risques g\u00e9opolitiques influencent-ils la demande ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : Les tensions au Moyen-Orient ravivent le statut de valeur refuge. Associ\u00e9e \u00e0 un dollar plus faible et \u00e0 des anticipations de taux en baisse, l\u2019instabilit\u00e9 g\u00e9opolitique pousse davantage d\u2019investisseurs vers l\u2019or.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q : Quel soutien de long terme pour l\u2019or ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : Les banques centrales ach\u00e8tent de l\u2019or pour diversifier leurs r\u00e9serves strat\u00e9giques et r\u00e9duire leur d\u00e9pendance aux monnaies fiduciaires (devises comme le dollar ou l\u2019euro). Ces achats offrent un soutien de fond malgr\u00e9 la volatilit\u00e9 \u00e0 court terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q : Que se passe-t-il si l\u2019or atteint 4 500 $ ?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">R : La zone 4 400\u20134 500 $ est une r\u00e9sistance technique (niveau o\u00f9 les ventes se renforcent). Un franchissement durable au-dessus de 4 500 $ pourrait permettre une poursuite de la hausse. Un \u00e9chec pourrait entra\u00eener des prises de b\u00e9n\u00e9fices, une stabilisation ou un repli.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-latam\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>L\u2019or rebondit au-dessus de 4 400 $ et vise 4 500 $, seuil d\u00e9cisif. Fed moins restrictive, dollar et rendements en baisse, tensions g\u00e9opolitiques et achats des banques centrales renforcent l\u2019attrait refuge, malgr\u00e9 volatilit\u00e9.<\/p>\n","protected":false},"author":87,"featured_media":52344,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,9],"tags":[],"class_list":["post-52345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"L\u2019or rebondit au-dessus de 4 400 $ et vise 4 500 $, seuil d\u00e9cisif. 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