2500 USD or 3000 USD are both the next targets for Gold
Ralph Benjamin hello everyone!
After a price increase that brought gold past the 2,400 USD/ounce mark, the world gold market was under pressure to sell off and entered a consolidation period. However, according to commodity investor Dennis Gartman, this precious metal still has a lot of upside momentum.
Most likely, the price of gold could rise to 2500 USD and even 3000 USD, on the other hand worse than the 1970s. At that time, gold price increased despite the Fed being forced to increase interest rates to 2 numbers to "cool down" inflation.
Sharing an optimistic view, Citi's head of commodity research Aakash Doshi in North America predicted that gold could conquer the price of 3,000 USD/ounce next year. Doshi said that gold is being supported by many factors, including strong material demand from investors. He added that the Fed's desire to maintain tight monetary policy could push the economy into recession. The scenario that the market is not thinking about is also the driving force to push gold to 3,000 USD/ounce in the next 6 to 12 months.
In the above scenario, the market seems quite optimistic with a strategy of buying on dips (as marked on the chart). If the conflict in the Middle East continues to escalate on the red carpet. This will contribute to making the market hotter than ever. It is expected that this price increase will be 2500 USD in the near future.
Technically: from 2432 could be followed by a correction to support above the trendline to support for potential accumulation before further growth. The retest of the resistance level shows that gold is ready to break through this zone and continue to rise to 2,500 USD. Personally, I see this as a suitable scenario that investors should pay attention to. And you?
After a price increase that brought gold past the 2,400 USD/ounce mark, the world gold market was under pressure to sell off and entered a consolidation period. However, according to commodity investor Dennis Gartman, this precious metal still has a lot of upside momentum.
Most likely, the price of gold could rise to 2500 USD and even 3000 USD, on the other hand worse than the 1970s. At that time, gold price increased despite the Fed being forced to increase interest rates to 2 numbers to "cool down" inflation.
Sharing an optimistic view, Citi's head of commodity research Aakash Doshi in North America predicted that gold could conquer the price of 3,000 USD/ounce next year. Doshi said that gold is being supported by many factors, including strong material demand from investors. He added that the Fed's desire to maintain tight monetary policy could push the economy into recession. The scenario that the market is not thinking about is also the driving force to push gold to 3,000 USD/ounce in the next 6 to 12 months.
In the above scenario, the market seems quite optimistic with a strategy of buying on dips (as marked on the chart). If the conflict in the Middle East continues to escalate on the red carpet. This will contribute to making the market hotter than ever. It is expected that this price increase will be 2500 USD in the near future.
Technically: from 2432 could be followed by a correction to support above the trendline to support for potential accumulation before further growth. The retest of the resistance level shows that gold is ready to break through this zone and continue to rise to 2,500 USD. Personally, I see this as a suitable scenario that investors should pay attention to. And you?
Trade active
Trade active
Comment:
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
