Gold Shines, $5,000 Target in Sight
Gold prices strengthened early in the Asian session, driven by a positive fundamental outlook. The Bank of America (BofA) research team estimates that gold prices have the potential to continue rising to reach $5,000 per ounce by 2026, while silver is expected to reach $65 per ounce. Support for these precious metals comes from loose fiscal policy, increasing debt, and the US government's push to cut interest rates.
In recent trading, spot gold rose 0.5% to $4,131.72 per ounce, after hitting a record intraday high of $4,132.04 per ounce. Analysts believe the combination of global economic policy and loose monetary policy will maintain strong demand for safe-haven assets like gold in the near term.
At the time of writing, Gold Price was at $4,122.
- Buy if the price moves within $4,127.
- Sell if the price moves within $4,117.
Resistance 2: $4,137.
Resistance 1: $4,132.
Support 1: $4,112.
Support 2: $4,107.
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
