Navigating the Gold Market Amidst Fed Rate Hike Speculation and Volatility
MKS PAMP has identified key upside and downside gold price targets as gold attempts to hold the $2,000 level. The upside targets are $2,070-$2,075, $2,200, $3,200, $3,500, and $3,600, while the downside targets are $1,900-$1,920, $1850, $1,780, and $1,560-$1,600. MKS PAMP's head of metals strategy, Nicky Shiels, described the $2,070-$2,075 range as a double top that gold needs to cross for the rally to continue. At the $2,200 level, gold would reach a bull market status, up 20% on the year. The $3,200 upside target would be gold doubling from this cycle's low of $1,600 an ounce.