According to Gold.ru analysts, the minimum target of the current gold rally is around $1,950 to $1,975. However, they expect the price to fall back to around $1,850 in the first quarter of the year. By their estimate, this could happen in spring or by early summer. After that, given the seasonal pattern, one can expect the price to exceed $2075 and then rise to $2500 in the last month of summer or early fall of this year.
At the moment, the main driver of the yellow metal price rally is a surge in insurance costs against a default of the United States. Against the background of China's promotion of de-dollarization through OPEC+, the BRICs, and CBDC, the probability of default is growing in the U.S., while representatives of the Democratic and Republican parties actively dispute the debt ceiling. It should be noted that if the so-called debt ceiling is reached, the U.S. government will no longer be able to borrow. It is assumed that the money will come to an end by early summer of 2023.
Such a complicated situation is favorable for gold, and the markets seem to continue anticipating the price to reach the psychologically important round level of $2,000 in the coming weeks.
A rise in the price to a record level of about $2,075 may also be very probable in the not-too-distant future. After all, the seasonality factor won't start playing its role until late winter or mid-March, so the price of gold will presumably peak at the current rally shortly before the beginning of spring, and then, after the summer comes, a correction is expected.