According to the forecast of AG Thorson, an expert in the field of technical analysis of precious metals markets, the price of gold in 2023 will exceed the level of $2000. Thus, a new peak is expected this year.
The last year, as we know, was significant for the rapid increase in interest rates due to the aggressive Fed’s tightening policy. However, now there is a possibility of easing its measures, so the outlook for gold for the next couple of years seems to be optimistic.
Thorson pointed out an increased bullishness in the price of the precious yellow metal. Due to the observed dynamics, mining companies are getting to increase their volumes. According to this, investors are likely to expect a pullback for their further actions.
The analyst also added that this scenario may not be the only one. However, Thorson does not rule it out because the probability of development, according to the expert, is 25% nowadays.
Gold reached its lowest point at the end of 2022. Now, within 18 to 24 months, the rate of the precious metal will develop a new uptrend, which should last until mid-2024. Gold is expected to surpass the couple thousand dollar level and reach a new peak as retail demand recovers.