Stock Up Gold: XAU To Hit $2,900 By August 2024, Expert Predicts

Juhi Mirza
gold price us dollar
Source: Finbold

Gold is now inching towards a new price threshold, establishing its own territorial supremacy at best. Gold (XAU) is currently one of the best-performing assets in the market, which is gradually moving towards a new price high. This development has triggered a wave of new predictions foretelling gold’s future price path. However, amid the gold frenzy, analysts have shared how the precious yellow metal has a long way to go, all while maintaining its equilibrium steady and intact.

Also Read: ASEAN Countries Gain $16 Billion in Profits in India’s Stock Market

Gold To Hit $2,900?

gold us dollar
Source: WatcherGuru

According to recent market statistics, gold is currently trading at $2,343. Per Rashad Hajiyev, a notable finance analyst on X, Gold seems to be in a consolidation phase, which ought to break one way or the other. Hajiyev’s latest prediction spells magic for the precious metal. The expert has claimed that gold could ascend to spectacular price heights this August, trading as high as $2,900.

Speaking about XAU’s historical statistics, Hajiyev shared how Gold had earlier entered into a bullish streak in March 2024. The token has been in the consolidation phase ever since and is predicted to enter a bullish range in August 2024.

“Gold broke out in March of 2024 and is presently in mid-cycle consolidation. My expectation is that the next station will cost $2,900 by August 2024.

Furthermore, Hajiyev shared how the yellow metal has already started to decline before it prepares for its grand rally to $2,900.

Gold & Bitcoin Gain Momentum Amid Distressed Economic Conditions

The distressing economic conditions and changing geopolitical narratives are tilting user interest in a whole new direction. With stiff competition growing in the currency space, the rise of regional currencies and alliances is now gnawing at the USD, changing financial concepts.

Also Read: Currency: Indian Rupee Crushes The U.S. Dollar Today

XAU and Bitcoin are now emerging as safe-haven assets as geopolitical tensions continue to escalate. With the US’s technique to weaponize the US dollar, several nations are now looking forward to ditching the US dollar and pivoting towards gold and bitcoin as assets to earn lucrative yields from.