Gold prices fell to the lowest level of the last week on Friday. The next direction is being discussed for the precious metal, which still closed the week with a very good performance. According to one analyst, a break in gold above a certain level could skyrocket the price to almost $2,000. Cryptocoin. com
As we share the gold predictions of TheGoldForecast editor…
According to the expert, gold prices may break at this level
Gold prices slumped to a one-week low on Friday amid gains in the dollar after Federal Reserve Chairman Christopher Waller called for an early cut in economic support to help establish tighter monetary policy. Gold closed the week around $1,845, while the US Dollar Index (DXY) rose 0.5 percent. This made gold more expensive for holders of other currencies. December gold futures were fixed at $1,851.
Meanwhile, Gary Wagner, editor of TheGoldForecast, continues to argue that gold is the ultimate store of value. Wagner also pointed out that the upcoming Thanksgiving will be the most expensive day ever, and inflation will continue to be a serious concern for investors. In a recent interview, Wagner said that technically, gold is still in the consolidation phase. The expert used the following expressions:
A break above $1,880 in gold price will signal another breakout, which will push gold towards $1,990.