Could gold prices Reach $3000?

[FXOcrypto]

Geopolitical tensions in the Middle East are a hot topic in financial markets, Citigroup says there is still a long way to go for gold to reach its peak. They predict gold will reach the $3000 level in the next 6 to 18 months.

Traders who have been buying gold since 6 months ago gained 21.09% according to Goldprice with a peak price of $2431
At the start of trading this week, the price of gold fell 0.35% to $2383. 76 and in 1 year gained 19.77%.

Price movement in the last week has tended to be consolidation with the $2400 peak becoming solid resistance during last week's trading period.
The public is still waiting for the Fed to cut interest rates, but it seems that Powel has not given a signal of a cut shortly, causing market speculation amid heated tensions in the Middle East.

Gold price is now trading between the upper and middle band lines with the Bollinger band line drawing an ascending line with wide bands indicating an uptrend with high volatility. Strategists at MRB Partners said they would not increase gold exposure in the next 6-12 months due to uncertainty over expectations of the Fed cutting interest rates.

View attachment 7005

 

[deucher]

In my opinion, gold is a very valuable and stable asset and many people choose it to protect their funds from inflation. I think that gold will definitely rise to this price and even more, and it's only a matter of time, and I consider the terms you wrote about to be realistic

 

[Riberet19]

I think that looking at the current scenario it could reach that price because central banks are buying large amounts of money in this asset and it is still the number 1 safe-haven asset in the world, in addition many other powerful market players are acquiring a lot of gold for a possible recession in the medium term.

 

[FXOcrypto]

If we trace history, the price of gold has become a safe haven asset because the intrinsic value of gold is timeless. However, changes in the price of gold do not always go straight up, there are times when it goes down, as happened yesterday, finally, the price goes down to form a Morubozu candle, usually, the appearance of this candle pattern is a reversal pattern.

 

[krasa]

Geopolitical tensions in the Middle East are a hot topic in financial markets, Citigroup says there is still a long way to go for gold to reach its peak. They predict gold will reach the $3000 level in the next 6 to 18 months.

Traders who have been buying gold since 6 months ago gained 21.09% according to Goldprice with a peak price of $2431
At the start of trading this week, the price of gold fell 0.35% to $2383. 76 and in 1 year gained 19.77%.

Price movement in the last week has tended to be consolidation with the $2400 peak becoming solid resistance during last week's trading period.
The public is still waiting for the Fed to cut interest rates, but it seems that Powel has not given a signal of a cut shortly, causing market speculation amid heated tensions in the Middle East.

Gold price is now trading between the upper and middle band lines with the Bollinger band line drawing an ascending line with wide bands indicating an uptrend with high volatility. Strategists at MRB Partners said they would not increase gold exposure in the next 6-12 months due to uncertainty over expectations of the Fed cutting interest rates.

View attachment 7005

Chart looks bullish lol But if you see current inflation and more people shifting towards gold as a safe investment..it will be a easy target

 

[Riberet19]

Not only inflation and what normal people are doing but also central banks are pouring large amounts of money into gold, which is also causing the price to rise, in these times of total uncertainty, gold is glittering.

 

[FXOcrypto]

Not only inflation and what normal people are doing but also central banks are pouring large amounts of money into gold, which is also causing the price to rise, in these times of total uncertainty, gold is glittering.

Yes, I also heard that some central banks are buying gold as reserves, although now gold has new competitors like Bitcoin, I think gold is still considered a safe-haven asset.

 

[Harry1]

Short-term trading can be quite volatile, especially with gold prices fluctuating amidst geopolitical tensions and market speculation.

 

[Riberet19]

Yes, I also heard that some central banks are buying gold as reserves, although now gold has new competitors like Bitcoin, I think gold is still considered a safe-haven asset.

But I don't think central banks are buying Bitcoin, at least there's not a lot of data on it, rather other institutions are buying Bitcoin, like fund managers.

 

[FXOcrypto]

But I don't think central banks are buying Bitcoin, at least there's not a lot of data on it, rather other institutions are buying Bitcoin, like fund managers.

Bitcoin is still under debate and has no legal standing policy in many countries, except El Salvador which already uses Bitcoin as legal currency in the country. I think Central Bank central banks rule out Bitcoin and prefer gold as reserves