A period of respite for gold prices! Buy signal from the bank

Updating its strategy for gold, which has gained value rapidly since the beginning of the year, Standard Chartered announced that a consolidation process will begin in the short term following the sharp rise in prices. The bank stated that it now views gold as a "core holding".

In a note sent to clients, it was estimated that the ounce gold price could retreat to the 3,100 dollar level within the next 1-3 months. This expectation is based on short-term pause patterns frequently seen after strong rallies. Analysts point out that the price sensitivity of major buyers, which has persisted since 2022, supports a sideways trend.

LONG-TERM EXPECTATIONS

Despite the expectation of short-term volatility, Standard Chartered maintains its optimism regarding gold in the long term. The bank predicts that the ounce gold price will reach 3,500 dollars within 6-12 months, driven by increasing demand, particularly from central banks.

PULLBACKS MAY BE BUYING OPPORTUNITIES

Standard Chartered states that the strong structure of gold will be preserved and that short-term pullbacks could create new buying opportunities for investors. It is stated that those who follow the market closely may gain an advantage during this process.

News Source: 12punto