Don’t expect gold’s rally to stall next week, analysts eyeing $3,000Gold is off to the races as safe-haven demand dominates the marketplace and drives prices to record highs; many analysts are now keeping an eye on $3,000 an ounce.
Although gold prices are looking a little overstretched, some analysts have said that investors can’t ignore the bullish momentum in the marketplace. After holding critical initial support at $2,800 an ounce on Monday, the market managed to hit intraday all-time highs throughout the week.
Disappointing economic data on Friday, which showed a significant drop in consumer optimism and rising inflation fears, briefly pushed gold prices above $2,900 an ounce. While gold is off its session highs, it is still looking to end the week with solid gains. As of 1:43 p.m. ET, April gold futures were trading at $2,884.70 an ounce, up nearly 2% from last week.
Alex Kuptsikevich, Chief Market Analyst at FxPro, said that gold’s rally has just started and a push to $3,000 is the beginning.
“From a technical perspective, gold is starting a Fibonacci extension pattern. The global rally commenced in October 2023 following initial signals from the Federal Reserve indicating an easing of monetary policy and a subsequent slowdown in the pace of rate hikes. Between October and November 2024, after appreciating by 55% to reach the $2,790 level, gold experienced significant profit-taking, resulting in a pullback to $2,550, which represents 76.4% of the initial rally. This was followed by several weeks of intense trading between bullish and bearish market participants,” he said in a note on Friday. “By the end of December, steady buying momentum had returned to the gold market. A move above $2,800 in late January has led to discussions about the potential onset of a new global growth wave. If this trend continues, the price of gold may potentially reach the $3,400 per troy ounce area between August and October of this year.”...................
https://www.kitco.com/news/article/2025-02-07/dont-expect-golds-rally-stall-next-week-analysts-eyeing-3000
