Jim Wyckoff believes that the yellow precious metal is still in the consolidation stage, but this is happening in a big bullish cycle. In the near future, the rise in gold prices will continue. Breaking the $ 2,000 per ounce mark is just a matter of time. Well, and then new price records will be set.
According to the expert, in the coming months and even years, inflation in many countries of the world will only increase. Against this background, retail investors' demand for gold as a defensive asset will grow, which will inevitably lead to an increase in prices for precious metals. If the bitcoin bubble bursts, the demand for gold will be avalanche.
The analyst also believes that in the short term, the price of gold will move sideways, and investors should look forward to further price fluctuations.