[Wells Fargo: Profit-Taking Does Not Hinder Long-Term Bull Market, Raises Gold Target Price to $6,300] According to Golden Finance, Wells Fargo stated that the recent pullback in gold prices is a healthy correction following a significant rally. Spot gold prices have fallen more than 10% from the record high set at the end of January, primarily due to profit-taking after gold prices surged over 30% above the 200-day moving average. The bank has raised its 2026 gold target price to $6,100 to $6,300 per ounce, indicating an upside potential of over 20%, citing geopolitical risks, market volatility, and strong demand from central banks as reasons.