It’s been a volatile couple of days for gold, as its prices have been tossing around violently these past few days. With Trump’s 48-hour threatening timeline for Iran and Iran retaliating back with the same cautionary stance, gold prices have witnessed it all, losing severe momentum as the current financial waves continue to favor the US dollar. However, experts are still bullish despite gold’s major price dip to $4250, adding how there might be another sharp pullback before the gold price fully recovers and showcases its mettle to the world.
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Gold Price Momentum: What’s Ahead per Experts?
Gold price has lately been attracting heavy volatility. The evolving market dynamics and geopolitical uncertainties have halted gold’s soaring price pace, putting a stop to its blazing momentum. This propelled its price to encounter steady bouts of volatility for quite some time now, with an ultimate price plunge of $4250 engulfing the asset. Gold price has majorly stabilized since yesterday, climbing back to reclaim its $4400 price mark, but is down significantly from its earlier ATH of $5000. Despite the mounting pressure, experts have been agreeing to the fact that gold prices have a long way to go, but not before encountering another major pullback again.
Per the latest tweet by Rashad Hajiyev, the gold price is currently eyeing recovery, but its price can move sideways in the near future. Hajiyev shared how the gold price may target a new high of $4.7K in due time, but volatile price action may continue to follow the asset as well, with price recovery starting within the next 8-9 weeks.
“Looks like gold put in place the bottom yesterday. Next we shall see some sideways price action followed by a rally to the $4.7 area and then another scary pullback, which should form a higher low sometime this week. Once gold completes the formation of a higher low, then the GAME is back on. However, we need to keep in mind that the damage to the gold price had been pretty significant; thus, I would expect a 6-8 week delay to my all-time high projections…”
Gold Price Cap Per the Experts
Hajiyev has been predicting gold to hit $5K soon. The recent pullbacks may play a key role in shaping gold’s trajectory, helping the asset attract major new capital and inflows.
“Once gold takes horizontal resistance, I believe, it is headed straight to $5.5k.”
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