Stock image of gold bars.
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According to market expert Mark Newton from Fundstrat, the price of gold is heading towards an all-time high.
A rise above $2,009.41 per ounce should result in a range of $2,060 to $2,080, Newton said in a note.
The technical analyst also sees an “intermediate target” for gold at $2,500.
Just in time for the American Thanksgiving, gold prices are pushing towards all-time highs. This could mean a feast for gold, according to technical analyst Mark Newton from financial firm Fundstrat. In the past few weeks, gold futures have risen by three percent and briefly exceeded the important threshold of 2,000 US dollars (1,826.60 euros) per ounce on Tuesday.
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Gold on the way to an all-time high
In fact, Tuesday marked the highest daily closing price in November. A move above $2,006.37 (1,832.42 euros) an ounce this week would mark the highest weekly close since the spring, Newton said in a note Wednesday. “This is quite positive from a technical perspective. “I expect gold to have begun its push back to new all-time highs,” he wrote, adding that a move above $2,009.41 would lead to a range of $2,060 to $2,080 up to 1899.66 euros).
In further comments emailed to Business Insider, he added that a breakout of the resistance zone at $2,080 would signal a “definite technical breakout.” He expects this breakout, which will quickly drive the price of gold even higher.
While different data sets show different record highs for gold, they all go back to 2020. According to Dow Jones Market Data, the intraday high is $2,089.20 (€1,908.07). At Refinitiv it is $2,072.50 (€1,892.81), while Bloomberg puts it at $2,075.47 (€1,895.53).
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Whatever the case, Newton sees the price of gold eventually rising well beyond these numbers: “My technical target for gold is $2500 [2283,25 Euro; Anm. d. Red.] per ounce. With falling real interest rates, rising cycles and ongoing geopolitical conflicts, betting on precious metals looks attractive.” He later clarified to Business Insider that his timetable for $2,500 (€2,283.25) does not necessarily apply to the end of the year, but is an “intermediate goal”.
Disclaimer: Stocks and other investments generally involve risk. A total loss of the capital invested cannot be ruled out. The articles, data and forecasts published are not a solicitation to buy or sell securities or rights. They also do not replace professional advice.
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