Gold's Price Outlook – Bullish Sentiment Remains for Gold

Gold has slightly retreated from its recent highs, but it seems inevitable that we'll witness a more substantial upward movement soon. If and when this occurs, it's reasonable to anticipate the market aiming towards $2,200, and potentially even $2,500. This expectation aligns with the continued loose monetary policies of central banks worldwide.

We are currently at a pivotal point in the economic cycle. Even if there's a significant pullback, the $2075 level is likely to become a strong support level, given its history of being significant resistance in the past.

It's logical that investors would be attracted to this level as an entry point or as an opportunity for those looking to exit their short positions in gold with minimal losses. However, the market remains volatile, and its direction is clearly upward. While I prefer buying on dips, chasing the market after such a substantial rally is not advisable.

Alternatively, we may consolidate in this range to alleviate some of the excessive speculation without experiencing a significant pullback. This scenario is also plausible and should be considered. Nonetheless, I remain bullish on gold in the long term and may gradually increase my positions accordingly.