Gold Prices On Track For All-Time Highs, Eyeing $2,500: Fundstrat

In a golden ray of hope for investors, the price of the precious metal is set to climb to record highs, with a potential leap to a staggering $2,500.

A report by Business Insider revealed a 3% surge in gold futures in recent weeks, temporarily breaking the significant $2,000 per ounce barrier. This upswing, according to Mark Newton of Fundstrat, signifies the highest daily close for the month of November. If gold prices manage to cross $2,006.37 per ounce this week, it would mark the highest weekly close since springtime.

Newton offered a positive outlook, suggesting that gold is on track to reach new record highs. A rise above $2,009.41 could pave the way to the $2,060-$2,080 range. If the resistance at $2,080 is broken, he added, it would signal a “definite technical breakout”, driving gold prices further up.

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Record highs for gold present inconsistencies across different datasets, with all records traced back to 2020. While Dow Jones Market Data pegs the intraday high at $2,089.20, Refinitiv and Bloomberg report it at $2,072.50 and $2,075.47 respectively. Despite these disparities, Newton anticipates that gold prices will significantly exceed these figures.

“My technical target for gold is $2500/oz,” Newton expressed in his note. He clarified that this target isn’t set to be achieved by year-end, but serves as an intermediate objective.

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