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The gold market still has a lot of potential for price growth. However, one technical analyst said that commodity investors may change their minds about investing in gold and turn their attention to other markets that are experiencing higher dynamics.
Michael Moor, CEO of Moor Analytics, said in a recent interview that he sees more potential in oil as an investment than gold. He added that the gold market looks technically depleted after two months of growth and faces a correction.
According to him, crude oil is just starting to gain momentum. He was optimistic about oil since July 2020 after prices recovered for the first time in history after falling from negative numbers. And he finished off that prices could double even more.
He believes that the price will come to $ 110 per barrel. However, this will not happen in the near future and not in the coming months, but most likely within 8-12 months.
Moor's forecast for crude oil is based on the fact that prices have risen above $ 70 per barrel. He said the first significant point he's tracking is around $ 77.25 a barrel.
Analyzing the gold market, Michael Moor said that he is still optimistic about the precious metal, but also warns investors about a short-term correction. He added that he is currently neutral towards gold as prices are testing the level around $ 1850 an ounce.
Moor said the next major support levels will be $ 1,830, followed by $ 1,816 an ounce if the current support doesn't hold.
He also thinks that if gold prices further decline, namely below $ 1,800, it would be too deep a correction that could push prices back to $ 1,673 an ounce. And if prices continue to rise, then it is possible to see it to $ 2,000 by the end of the year.
Michael added that he allows prices to rise to $ 2,192 or even $ 2,312, as these are the next major depletion levels if the current support continues.
He noted that the market becomes unstoppable when gold gains momentum, explaining that gold's price rose from $ 1,500 per ounce in March, to $ 2,000 last year.
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