#Gold Technical Analysis # Peter Brandt, a senior trader and respected chart analyst, stated that based on the reverse head and shoulder pattern showing a bullish trend, gold prices are expected to experience a significant breakthrough in technical charts. This bullish outlook is consistent with the optimistic predictions of several analysts and economists recently.

Legendary trader Brandt, with over 40 years of trading experience, made a bold prediction about gold on social media platform X on Monday (August 12th), emphasizing that gold is on the brink of a major breakthrough.

He wrote, "Gold prices are expected to see a significant breakthrough on the technical chart, with a target of $2800 per ounce, followed by $3200 per ounce... This is a continuation of the reverse head and shoulder pattern

Brandt discovered the formation of the inverse head shoulder (HnS) pattern, which he believed marked a strong bullish trend in gold. According to Brandt, the key gold price targets are $2800/ounce and $3200/ounce. He emphasized that this pattern is a continuation of the current market trend, implying that gold prices may soon rise significantly.

Brandt's prediction is consistent with the increasing interest in gold as a safe haven asset. The gold price has recently soared to a record high, and many analysts and economists expect it to further rise.

Wall Street tycoon and famous gold supporter Peter Schiff emphasized that the current economic environment is particularly favorable for gold.

Economist Jim? Jim Rickards recently emphasized the potential of gold during a sharp decline in the stock market. JPMorgan believes that the outlook for gold is bullish over time.

Meanwhile, Bank of America commodity analysts predict that gold prices may reach $3000 per ounce within the next 18 months.