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The gold market continues to consolidate after hitting record highs, and while the price has room to fall further, one market strategist said that the precious metal is ultimately headed higher.
In his latest market commentary, Florian Grummes, Managing Director at Midas Touch Consulting, said that gold’s rally above $2,200 an ounce has definitively ended a 13-year correction and consolidation phase as prices traded repeatedly between $1,900 and $2,075 an ounce.
“Regardless of short-term pullbacks or interim consolidations, this likely signifies only the beginning of the next major uptrend in the precious metals sector,” he wrote.
https://www.kitco.com/news/article/2024-03-14/gold-price-hit-2535-summer-its-breakout-unambiguous-midas-touchs-florian