Hello, wonderful friends of Karina Bella!
Recently, gold has experienced a spectacular breakout, completely breaking through a critical resistance level and turning it into a new support zone. However, prices have yet to establish a new all-time high, as the market continues to hover around the psychological threshold of $3,000, awaiting a decisive move.
This price surge is supported by concerns over declining inflation, which continue to influence gold prices. Investors still consider precious metals as a crucial safe-haven asset to hedge against growing economic uncertainties. Theoretically, softer inflation strengthens expectations of Federal Reserve (Fed) interest rate cuts this year, which also serves as a bullish catalyst for gold.
According to Alex Ebkarian, CEO of Allegiance Gold, gold is currently in a long-term bull market. He forecasts that prices will trade between $3,000 and $3,200 per ounce this year. However, from a theoretical perspective, this remains uncertain as prices approach the key $3,000 mark.
From a personal standpoint, Karina maintains strong confidence in the uptrend as long as the Fib 0.786 support level at $2,957 remains intact. This price rally is expected to reach Fib 1.618 at $3,038 before any potential short-term corrections, which are unlikely to harm the long-term bullish momentum of this pair.
What are your thoughts on this perspective?
Recently, gold has experienced a spectacular breakout, completely breaking through a critical resistance level and turning it into a new support zone. However, prices have yet to establish a new all-time high, as the market continues to hover around the psychological threshold of $3,000, awaiting a decisive move.
This price surge is supported by concerns over declining inflation, which continue to influence gold prices. Investors still consider precious metals as a crucial safe-haven asset to hedge against growing economic uncertainties. Theoretically, softer inflation strengthens expectations of Federal Reserve (Fed) interest rate cuts this year, which also serves as a bullish catalyst for gold.
According to Alex Ebkarian, CEO of Allegiance Gold, gold is currently in a long-term bull market. He forecasts that prices will trade between $3,000 and $3,200 per ounce this year. However, from a theoretical perspective, this remains uncertain as prices approach the key $3,000 mark.
From a personal standpoint, Karina maintains strong confidence in the uptrend as long as the Fib 0.786 support level at $2,957 remains intact. This price rally is expected to reach Fib 1.618 at $3,038 before any potential short-term corrections, which are unlikely to harm the long-term bullish momentum of this pair.
What are your thoughts on this perspective?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.