Gold did it on Friday afternoon. The precious metal rose to $2,500 for the first time, reaching a new record high. But if you believe the experts and the chart technology, then this could be just the beginning of the rally.
After Gold once again showed a bullish setup in the chart, it finally worked. The precious metal rose to a new record high above $2,500 on Friday afternoon. This is what lies behind it:
Gold hits $2,500 – new record!
Spot gold prices were set at $2,500.16 on Friday, particularly for three reasons:
1. A weakened US dollar
2. The prospects for Fed rate cuts
3. The rising geopolitical tensions
In the run-up to the increase, negative news about the US housing market had put pressure on the US dollar after it became clear that the Fed would probably have to cut interest rates more quickly in order to stabilize the real estate market.
Therefore, gold finally broke out of its promising position above the 50-day line, after the precious metal had failed to rise several times in the past.
But what can happen next with gold after this success?
Could this be just the beginning of gold’s rally?
In fact, this may be just the beginning of a rally in gold prices as the positive momentum continues. From a chart perspective, there is still room for improvement after the clear breakout.
The majority of analysts, however, are somewhat skeptical. Price targets like those of Commerzbank, J.P. Morgan, and Goldman Sachs have reached or already exceeded $2,500 with the rise. But a few well-known banks such as Bank of America or Citibank believe the financial institution can rise to $3,000.
Accordingly, there are still some bulls in the market (who have been spot-on so far). BÖRSE ONLINE also recommends buying the precious metal.
