“Gold Price Predictions: Will it Reach $2100 by End of Year Despite Recent Corrections?”

It loses its luster temporarily as a result of the rise of the US dollar against the basket of currencies after important statements from the Federal Reserve that they are committed to keeping interest rates high for a longer period, especially with the unabated rise in inflation indicators.

On the other hand, there are warnings of America entering a wave of imminent economic recession, which will restrain the dollar in front of the basket of currencies. An ounce of gold is also expected to reach levels of 2100 US dollars by the end of this year, according to what was published in a research note by Commerzbank.

What we see of selling pressure on gold are just corrections, nothing more, and the repercussions of bank fever, inflation and economic recession support the bulls to continue the jumps after the bears rest.

technically:

On the weekly time frame, we notice a negative sign that calls for the continuation of gold’s decline, and this is confirmed by the daily time frame due to the repeated negative closings, but the trend is still bullish and continuous, especially since an ounce of gold is still above $2000 levels, and this gives comfort to the bulls.

As for looking at the four timeframes, we see a negative head and shoulders pattern in the process of being formed, and by achieving the pattern, we may see great selling pressures that reach 1976 levels, and therefore the observation remains important before entering into selling deals.

For those who ask about buying gold bullion, the answer is always preferable to buy in parts, and we suggest waiting and buying from levels below $2000.

As for speculation, the first scenario is selling after achieving the head and shoulders pattern and the targets gradually up to the 1976 levels. As for the purchase deals, they will be from the levels of 1976 – 2000 – 2022 and the first goal is 2040, the second goal is 2050 and the third goal is 2075.

note:

What I publish is personal judgment and not a recommendation to buy or sell.