Gold has shown a very strong performance this year. During this period, it made people smile by reaching all-time highs repeatedly throughout the year. Now Bloomberg Intelligence senior commodity strategist Mike McGlone is pointing much higher for the shiny metal.
Mike McGlone: $3,000 for shiny metal is possible!
cryptokoin.comAs you follow from , gold showed an extraordinary performance in 2024. Mike McGlone shared an analysis on the latest developments. Essentially, the combination of two financial indicators supports Mike McGlone’s prediction that gold will rise to $3,000. In this context, McGlone made the following statement:
The lowest CBOE S&P 500 Volatility Index (VIX) and highest U.S. T-bill rates since 2007 could provide a basis for gold to move towards round resistance at around $3,000.
Gold price analysis and $3,000 prediction
Market analyst Vinicius Barbosa conveys what he sees in the technical picture of gold. The yellow metal reached an all-time high before the market closed on April 3. However, it lost some altitude afterwards. It is currently trading at $2,286. This price represents a 10.8% gain to date from $2,062 on January 2. Additionally, it represents a 26% gain from the year-to-date low of $1,810.
The daily chart shows that gold has two important support levels for investors to watch. The first is $2,150 and the second is $2,050. Additionally, core psychological support lies at $2,000. In particular, given the overbought Relative Strength Index (RSI) of 82.14, these could become important areas in the short term. So it’s possible that gold could face a pullback to offset a ravenous bull market with its current strong momentum.
McGlone reaching his $3,000 target would mean gains of over 30% for the yellow metal. For this to happen, gold needs to see constantly increasing demand, as it has been recently. Interestingly, the precious metal has come back into the spotlight as young Chinese investors are buying gold beans for long-term exposure. If this continues, gold has the potential to maintain momentum as one of the world’s leading assets. Meanwhile, the latest gold prediction from artificial intelligence Claude 3 Opus AI is $2,800. Therefore, McGlone’s $3,000 target is a more optimistic estimate.
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