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.

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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