Here’s gold’s path to $3,000 after hitting new all-time high
The post Here’s gold’s path to $3,000 after hitting new all-time high appeared on BitcoinEthereumNews.com.
Gold’s traditional role as a safe haven asset is coming into play after the metal hit a new all-time high amid jitters over tariffs proposed by President Donald Trump. In this case, the metal recorded a high of $2,815, reigniting its push toward $3,000. Notably, gold’s 2024 rally was highly anticipated to culminate in a $3,000 milestone before pausing after Federal Reserve interest rate cuts. Gold was valued at $2,797 by press time, gaining 0.14% in 24 hours. Over the past week, the yellow metal has rallied over 1%, while year to date, it is up a whopping 6.5%. Gold YTD price chart. Source: TradingView Gold’s road to $3,000 Now, an analysis by precious metals forecasting platform Gold Predictors has provided a technical outlook that hints at the possibility of gold reaching $3,000, according to an X post on January 31. Specifically, gold is trading within an ascending triangle—a pattern characterized by a horizontal resistance line and upward-sloping support, often seen as a consolidation before a significant move. Gold price analysis chart. Source: GoldPredictors.com The analysis suggested a decisive breakout from this formation could propel prices toward $3,000. The bullish sentiment is also backed by the fact that gold is forming a double bottom at the base of the ascending channel, a price reversal signal. The move indicates buyers are stepping in as sellers exhaust their supply, pointing towards new possible highs. Another analyst, with the pseudonym GDXTrader, shared a similar bullish outlook in an X post on January 31. According to the analysis, gold’s record surge emerged after the metal broke out of a bullish high-base formation, confirming strong continuation within its broader ascending channel. Gold price analysis chart. Source: TradingView To this end, the trading expert suggested that each consolidation phase has in the past resulted in higher…
Filed under: News - @ February 1, 2025 10:20 am