Gold is preparing to ring in the new year above the psychologically critical $1,500-an-ounce level and if this past year is any indication, gold’s fortunes will continue to favor the bold, according to one analyst.
As part of City Index’s bold prediction, technical analyst Fawad Razaqzada said that he is looking for gold to hit a new all-time high in 2020, with prices pushing to $2,000 an ounce.
Razaqzada said that his extremely bullish gold outlook comes as he expects to see global coordination among central banks to loosen monetary policy next year. He added that looser monetary policy will push bond yields further into negative territory, thereby “boosting the appeal of noninterest-bearing precious metals.”
In a comment to Kitco News, Razaqzada said that even if gold doesn’t hit his bold target, he expects the precious metal to remain in an uptrend through 2020. “I think gold has everything going for it in 2020,” he added.
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