Gold price consolidation coming to an end, watch for rally to $1,800

KITCO-- "Gold's consolidation period could soon come to an end as one research firm sees prices pushing to $1,800 by the spring. In a report published Wednesday, Florian Grummes, market analyst at Midas Touch Consulting, said that the precious metal needs a little bit more time to build up enough momentum to break above $1,600, but added that gold bulls are currently in control of the marketplace. 'Every dip is quickly being bought and the surprises are always happening to the upside,' he said. 'Even though gold has already increased by over US$450 from the low at US$1,160 in August 2018, the bulls remain in control and are not showing any weakness.' Looking at gold's near-term technical picture, Grummes said that he is watching and waiting for a breakout above $1,590 to signal a move to his first-quarter target of $1,800 an ounce....But it's not just gold's technical picture, Grummes said that he is also bullish on gold as sentiment in the marketplace has still not reached the 'euphoric phase,' even after the strong performance in 2019. He added that the break above $1,600 could be the factor that ignites the parabolic move he forecasts."