Carley Garner, co-founder of the brokerage firm DeCarley Trading, said that she believes gold bullion will hit $2,600 per ounce, but cautions that it might be a good idea to wait for a correction for investing.
“The nice thing about breakouts is they have a habit of retesting the breakout area,” Garner said. “I think gold is going much higher; my weekly charts and monthly charts are telling me somewhere around $2,600, maybe even a little more than that.”
Gold is currently in the middle of a seven-day rally, reaching nearly $2,200 an ounce, it’s highest level ever. However, Garner thinks that it may decline as low as $2,050 before it booms back up.
She also added that, despite the recent rally, gold may be significantly undervalued, compared to many of the highest-valued tech companies in the world. Gold is only up 5% year-to-date and 13% in the past year, compared to tech company Nvidia, which is up 87% this year and nearly 300% over the past year.
