Veteran trader Peter Brandt, a renowned figure in the trading community with over four decades of experience, made a bold prediction regarding gold on social media platform X on Monday. Highlighting that gold is on the brink of a significant chart breakout, he wrote:
Gold is poised for a massive chart breakout with targets of $2,800, then $3,200 … This is a continuation inverse HnS pattern.
Brandt identified an inverse head and shoulders (HnS) pattern forming, which he believes signals a strong bullish trend for the precious metal. According to Brandt, the key gold price targets to watch are $2,800 and $3,200 per ounce. He emphasized that this pattern is a continuation of the current market trends, suggesting that gold could see a substantial increase in value soon.
A chart shared by Peter Brandt.
Brandt’s forecast aligns with the increasing interest in gold as a safe haven asset, with prices recently surging to record highs. Many analysts and economists are predicting further highs for gold. Peter Schiff, a well-known advocate for gold, has emphasized that the current economic climate is particularly favorable for the metal. He noted on X last week: “Central banks can’t escape the monetary roach motel they entered after the 2008 global financial crisis. They can’t raise rates without causing an economic collapse, so we get high inflation instead.”
Economist Jim Rickards recently highlighted gold’s potential during significant stock market declines, predicting in May that prices could exceed $27,000, stressing that this is not a sensationalist claim. JPMorgan shares a bullish outlook for gold as the year progresses. Egon von Greyerz, founder of Matterhorn Asset Management, suggests gold could soar to $40,000 per ounce based on historical trends from 1979-80. Meanwhile, Bank of America commodity analysts project that gold might reach $3,000 within the next 18 months.
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