Gold has now adopted an ambitious price stance. With the rate cut scenario looming, the metal is now taking a different path altogether, surging and aiming for ambitious price highs in the process. In the latest chart analysis, gold appears to be breaking away from bearish foundations to hit jackpot highs, possibly reaching a new high of $ 4,000 sooner rather than later.

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Gold’s Path to $4000

Gold coins and bars
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According to Gold Predictors, a leading gold prediction platform on X, gold has broken out of its 4-month symmetrical triangle with “explosive momentum.” The metals’ daily chart is showing a clear pathway for the asset to score new highs, including gold hitting the $4000 mark in due time. Moreover, the platform stated that gold may find support of the bulls at $3500, which will ultimately play a crucial role in helping the asset hit $4000.

“#Gold breaks out of a 4-month symmetrical triangle with explosive momentum! The daily chart shows a powerful rally from $3,400 to $3,643 after a clean breakout. The key support is at $3,500, with bulls targeting $4,000 and higher.”

Critical Insights About The Asset

According to Rashad Hajiyev, a leading metal expert, gold price has broken out of a recent consolidation and is now heading straight towards claiming a new high of $3900. With the Fed interest rate cut dynamics looming over, gold can achieve $3900 in the next two or three weeks, Hajiyev later added.

“Gold broke out from its short-term consolidation yesterday and looks like it is headed straight to my $3.9k target. Could happen within 2-3 weeks…”

For silver, the analyst added how the metal could easily hit a new high of $57, while gold takes the lead ahead.

“Silver’s rally has not even started yet. Gold continues to lead. My gold-to-silver ratio (GTS) immediate target is around 70. With gold’s projected target of $3,900 and GTS 70, silver’s immediate target is $56.Silver could potentially reach $70 once it takes out the all-time high. Let’s see… This post is not investment advice…”

Also Read: Gold Prices Nearing All-Time High of $3,700

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