In what is a sudden turn of events, the gold price has surpassed the important $2000 mark. Moreover, technical analysis shows that a sustained rally could be in play for the asset. Subsequently, many have predicted that an all-time high is not out of the question for the asset.
For several days, resistance levels stood in the way of the asset’s eventual turn beyond the $1950 mark. Now, Fundstrat’s Mark Newton has predicted that the asset has an “intermediate target” to reach $2500. Subsequently, its current price of $2014 leaves it with immense potential.
Also Read: Gold Prices Rally Towards $2000; When Will It Reach $2100?
Gold Price Predicted to Reach Heights of $2500
Few assets on the market have become as embraced in recent years as gold. Indeed, the precious metal has become a key investment amid the rather disheartening economic circumstances of the world as a whole. Subsequently, its price has seen massive increases, with it surpassing key psychological levels.
Indeed, the gold price has finally exceeded the $2000 mark, with analysts predicting that there is room for a sustained rally. Specifically, Fundstrat’s Mark Newton told Markets Insider that $2500 is certainly not out of the question for the precious metal.
Also Read: Gold Prices Skyrocket 15 Points Before Fed Meeting
“This is quite positive technically, and I expect that gold has begun its pushback to a new all-time high,” Newton stated. Moreover, he noted that a move ahead of $2009.41 would eventually catapult the asset to the range of 2060 and 2080.
Thereafter, Newton predicted such an ascension would leave a “definite technical breakout” as a possibility. “My technical target goal for gold is $2500/oz, and it looks appealing to be a long-precious metal given falling real rates, rising cycles, and ongoing geopolitical conflict,” he added.
