Gold prices seem to be steadily rising again after hitting recent lows. The $2,000 to $2,500 price targets are at great stake in the month of 3,000, with the chance of $2,000 not out of the question.
There are a few factors to consider to once again highlight Gold's status as a hedge and safe-haven king. From the Bitcoin and crypto high-risk market crash to the drop in US yields due to the $6 trillion budget presented, gold is likely to be in high demand again.
After hitting an all-time high of $2,075 recently, the price is still moving enough to see development halted and with a small spike he expects PrimeXBT analyst Kim Chua .
After bottoming at $1,680 with a double bottom, gold prices have been steadily rising within a channel, with a potential to reach $1,930 before a short-term consolidation. With US yields falling and Biden's new $6 trillion budget for 2022, the base scenario is strong for gold to rally in the second half of the year, with a good chance to surpass $2,075 ATH. .
BTC's recent reversal is also in gold's favor, with some conservative investors thinking BTC volatility is too much to support a comeback. This will help gold regain its story as the best store of value and inflation hedge. Some central banks have started hoarding gold again after a hiatus since last August. The weekly gold chart has broken out of its 700-month consolidation and is poised to rally another $1,000 to $6 over the next 2,500 months. I predict gold price to reach between $3,000 and $3,000 by the end of this year due to this breakout.
About Kim Chua, Principal Market Analyst at PrimeXBT:
PrimeXBT trading analyst Kim Chua sees gold hitting $2,500 by year-end - Kim chua
Kim Chua is an institutional trading specialist with a successful track record spanning major banks including Deutsche Bank, China Merchants Bank and others. Over time, Chua launched a hedge fund that consistently generated triple-digit returns for seven years.
Chua is also a conscientious educator who has developed his trading curriculum to pass on his knowledge to a new generation of analysts.
Kim Chua closely follows the crypto and traditional markets, and looks forward to future trading and investment opportunities as two very different asset classes begin to converge.
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