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As we reported , on Monday, US President Joe Biden nominated Jerome Powell for a second term as Federal Reserve Chairman. Gold, which has been trying to recover for several days after this news, took a heavy blow and retreated by 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, with gold prices fluctuating around $1,780. However, analysts at Commerzbank, who evaluated the market, do not seem very hopeless for gold.
Analysts make very ambitious forecasts for gold prices
Commerzbank analysts believe the high of $2,072 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. Long-term, the target is 2052-2, the high of 2020. The 072 dollar level. If risks are seen (preferred) $2,300 and eventually $2,676-2. There will be an upside break that will target $686.
Spot gold prices 1-day chart / Source: TradingView
