Senior trader and respected chart analyst Peter Brandt stated that based on a reverse head and shoulders pattern indicating a bullish trend, gold prices are poised for major technical chart breakthrough. This bullish outlook is in line with recent optimistic predictions from multiple analysts and economists.

(Screenshot from: Bitcoin.com)

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

He wrote, "Gold prices are poised for a major technical chart breakthrough, with a target of $2,800/ounce, then $3,200/ounce...this is the continuation of the reverse head and shoulders pattern."

Brandt found the formation of the reverse head and shoulders (HnS) pattern, which he believes signals a strong bullish trend for gold. According to Brandt, key gold price targets are $2,800/ounce and $3,200/ounce. He emphasized that this pattern is a continuation of the current market trend, suggesting gold prices may soon rise significantly.

(Screenshot from: Bitcoin.com)

Brandt's prediction is consistent with the increasing interest in gold as a safe haven asset. Gold prices recently soared to record highs, and many analysts and economists expect prices to rise even further.

Wall Street giant and well-known gold supporter Peter Schiff emphasized that the current economic environment is particularly favorable to gold.

Economist Jim Rickards recently emphasized the potential of gold during a major stock market downturn. JPMorgan believes that over time, gold prospects are bullish.

Meanwhile, Bank of America's commodity analyst predicts that gold prices may reach $3,000/ounce within the next 18 months.

At 14:12 on August 14th, Beijing time, spot gold was reported at $2461.25/ounce.