cryptocoin.com As we reported, on Monday, US President Joe Biden nominated Jerome Powell for a second term as Chairman of the Federal Reserve. Gold, which has been trying to recover for several days after this news, took a heavy hit and retreated about 2% as an initial reaction as DXY, which measures the value of the US dollar against six major currencies, rallied. Today, however, markets were relatively calm and gold prices fluctuated around $1,780. However, analysts at Commerzbank, who evaluated the market, do not seem so hopeless for gold.
Analysts make very ambitious forecasts for gold prices
Commerzbank analysts believe the $2,072 high for gold prices will be a catalyst breakout point on the upside. Analysts think that the bullish trend continues while gold is above the 2021 low of $ 1,677 and makes predictions that will delight gold investors in the long term:
Gold will remain in a long-term bullish move above the 2021 low of $1,677. In the long term, the target is 2052-$2,072, the high of 2020. If risks are seen (preferred), there will be an upside break that will target $2,300 and eventually $2,676-2,686.
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