Gold Price Is Getting Ready To Hit This Number!

The gold market is in a good spot and has the potential to hit $1,950 an ounce as inflation pressures continue to build up, according to CIBC analysts. We share the details of analysts’ comments…

Forecast for gold price from analysts: These developments are the recipe for a strong uptrend!

Not only has the gold market exited the five-month consolidation pattern, analysts have pointed out that the precious metal has entered a seasonally strong period from November to February. Analysts pointed out that the new momentum in gold also pointed to the improvement in mining stocks and used the following statements:

The breadth of the gold sector has improved significantly, with more than 90% of its components showing +12% gains on the 50-day average and 68% of the sector showing +5% 200-day gains. The combination of a higher number and larger gains relative to the fundamental technical averages is often a good recipe for stronger uptrends.

CIBC warns that gold prices and mining sector are pushing into overbought territory; but they added that this should not be a major barrier to higher prices. Analysts pointed out that there is a global threat of inflation that helps support gold as real rates fall. “Negative real rates could become more negative,” CIBC analysts said. This should be support for gold,” he said. With the potential for higher gold prices through to early 2022, the mining industry is just starting to gain attention, CIBC said. The Bank of Canada noted that gold stocks were as cheap as previous jumps in 2018, 2015 and 2000.

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