A period of respite for gold prices! Buy signal from the bank
Evaluating the rapid rise in gold since the beginning of the year, Standard Chartered expects a correction in the short term while maintaining its long-term bullish outlook. The bank now defines gold as a 'core holding' and states that pullbacks offer buying opportunities.
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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.