(Kitco News) – Gold’s record-setting rally in 2024 hit a wall of resistance around $2,791/oz, leading to a pullback to $2,540/oz, and while some have warned of an extended consolidation period, one analyst thinks the yellow metal could hit a new all-time high above $2,800 before Christmas.
“War. What is it good for? Absolutely nothing except driving gold prices to record ATHs,” said Matthew Jones, precious metals analyst at Solomon Global. “In the current climate, $2800 before Christmas is not out of the question.”
“The ongoing conflict between Russia and Ukraine has become one of the most intense and geopolitically significant confrontations of the 21st century,” he noted. “Western nations, led by the United States and its NATO allies, have provided Ukraine substantial military aid. Reports suggest that the West is tacitly approving the use of long-range missiles like the ATACMS or Storm Shadow to target strategic sites inside Russia and supplying landmines.”
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