Bank of America continued gold’s rise to this level
Arabictrader.com – In a note published by the famous banking group Bank of America (NYSE:) on Thursday, the bank’s analysts clarified their expectations regarding movements during the coming period, and indicated that, in terms of technical analysis, they expect a movement to emerge from the bullish pennant pattern that supports the continuation of the trend The bullish trend that gold prices started in the fourth quarter of 2022
This is also explained by analysts at Bank of America that the rise in gold and its recording of a record closing level above the mark of $ 2,078 an ounce, on the daily and weekly charts, would go a long way in indicating a much larger upward trend during the period between 2023 and 2025, and the bank expects of America that gold may then rise to trade in the range 2,391 to 2,543 dollars an ounce.
The Bank of America note added that the rise of gold to the highest level of $ 2,078 an ounce would also reduce the risk of the yellow metal staying stuck near its current trading range for three years, and would push it to accept the upside risks that exist to some extent.
On the other hand, Bank of America analysts indicated that they also expect it to follow the example of gold and follow it to rise with great strength also during the coming period; New highs are also set.
