{"id":60884,"date":"2025-02-11T02:34:41","date_gmt":"2025-02-11T02:34:41","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=60884"},"modified":"2025-02-11T09:35:04","modified_gmt":"2025-02-11T09:35:04","slug":"gold-headed-for-3000","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2025\/02\/11\/gold-headed-for-3000\/","title":{"rendered":"Gold headed for $3,000"},"content":{"rendered":"

Gold broke short-term resistance at $2,900 per ounce, signaling a test of our $3,000 target. The precious metal advanced to $2,934 on the announcement of US tariffs on steel and aluminum. Uncertainty over the geopolitical outlook has increased volatility in global financial markets and demand for gold as a haven. Breakout above $3,000 would offer a medium-term target of $3,600.<\/p>\n

\"Spot<\/p>\n

From the WSJ<\/a>:<\/p>\n

President Trump announced 25% tariffs on imports of steel and aluminum to the U.S., reinstating global duties without exceptions for allies such as Canada, Mexico, Japan and South Korea that were relaxed by the Biden administration.<\/p><\/blockquote>\n

Central bank purchases of bullion increased to 333 tonnes in Q4 of last year, according to the World Gold Council, with uncertainty over the US presidential election boosting demand.<\/p>\n

\"Gold<\/p>\n

Silver also caught a bid, testing resistance at $32 per ounce, but lags gold.<\/p>\n

\"Spot<\/p>\n

Conclusion<\/h2>\n

Gold is headed for a test of $3,000 per ounce for the first time. Expect retracement to test new support at $2,900, but respect will likely confirm the advance to $3,000.<\/p>\n

Breakout above $3,000 would offer a medium-term target of $3,600.<\/p>\n

Uncertainty over US federal debt, long-term inflation, and geopolitical tensions drive demand.<\/p>\n

Acknowledgments<\/h4>\n