Gold prices are on the rise, driven by escalating trade tensions and economic uncertainty. An analyst from Northstar Charts believes that gold could reach $15,000 in the near future, citing historical trends between the precious metal and the US M2 Money Supply.
According to the analysis, gold tends to surge when specific technical events occur, such as the Ichimoku Cloud indicator. In the past, a similar setup led to a 600% increase in gold prices. With gold already climbing 50%, there’s potential for a much larger move.
The three-year moving average shows a downward trajectory, indicating a potential bull run. Additionally, gold has historically outperformed the M2 Money Supply in specific market conditions, particularly when liquidity tightens and economic uncertainty looms.
If gold reaches $15,000, it will likely maintain its position as the world’s most valuable asset, with a market cap potentially reaching $100 trillion. Analysts at Citi have set their price target for the next three months to $3,000 per ounce, citing trade wars and geopolitical tensions.
Bloomberg Intelligence senior commodity strategist Mike McGlone also backs the possibility of gold reaching the $3,000 mark, predicting that it will outperform other assets like Bitcoin during the current volatility in the cryptocurrency market.
Source: https://finbold.com/why-gold-to-15000-is-entirely-reasonable