Gold Price Eyes Recovery But Brace for One More Sharp Pullback Before the Rally

Analysts are warning of a final, sharp correction in gold prices before a sustained recovery can begin, despite the metal's recent plunge to $4,250. Market experts project a potential 10% pullback as geopolitical tensions between the U.S. and Iran continue to fuel volatility and bolster the U.S. dollar, creating a critical inflection point for the precious metal.

Gold Price Momentum: What’s Ahead per Experts?

Gold price has lately been attracting heavy volatility. The evolving market dynamics and geopolitical uncertainties have halted gold’s soaring price pace, putting a stop to its blazing momentum. This propelled its price to encounter steady bouts of volatility for quite some time now, with an ultimate price plunge of $4250 engulfing the asset. Gold price has majorly stabilized since yesterday, climbing back to reclaim its $4400 price mark, but is down significantly from its earlier ATH of $5000. Despite the mounting pressure, experts have been agreeing to the fact that gold prices have a long way to go, but not before encountering another major pullback again.

Per the latest tweet by Rashad Hajiyev, the gold price is currently eyeing recovery, but its price can move sideways in the near future. Hajiyev shared how the gold price may target a new high of $4.7K in due time, but volatile price action may continue to follow the asset as well, with price recovery starting within the next 8-9 weeks.

Looks like gold put in place the bottom yesterday. Next we shall see some sideways price action followed by a rally to $4.7 area and then another scary pullback, which should form a higher low sometime this week. Once gold completes the formation of a higher low then GAME is back… pic.twitter.com/wh41ERK7v6

Gold Price Cap Per the Experts

Hajiyev has been predicting gold to hit $5K soon. The recent pullbacks may play a key role in shaping gold’s trajectory, helping the asset attract major new capital and inflows.

Once gold takes horizontal resistance, I believe, it is headed straight to $5.5k pic.twitter.com/IS2k8gIcCr