"Upon reviewing the gold chart on the 4-hour timeframe, we can see that gold has finally managed to break above the $2700 level, just as we anticipated in our previous analysis,” said TradingView analyst Arman Shaban. “Currently, it is consolidating above this level."

"Note that the $2714 level is a key supply zone (based on important Fibonacci ratios) for gold, which is why the price reacted to it,” he added. “However, at the moment, gold is trading around $2711, and I still expect further growth from gold unless I see otherwise on the chart. The next short-term targets for gold are $2727 and $2743.7. Keep an eye on how the price reacts to these levels. Also, the most important support zone for gold is between $2673 and $2688.70."

"The Committee for a Responsible Federal Budget notes that the national debt is projected to reach a new record high as a share of the economy only three years from now, well within the next presidential term, pushing up interest rate payments as a share of GDP,” they said. “In turn, this makes gold an attractive asset, so we reaffirm our $3,000/oz target,” an increase of more than 10% from gold’s current price of $2,715/oz.