The recent rally in the price of gold will continue and push on to new all-time highs around $1,200 per troy ounce, David Sneddon, technical analyst at Credit Suisse, told CNBC.
“We think we’ve seen a significant medium-term break higher,” Sneddon said about the gold chart.
“We think that target is not only the $1,033 all-time high we saw back in 2008, but we think we go a lot higher than that … we’ve completed a medium-term bullish continuation pattern that should take us up to $1,100 and eventually, we think, on towards the $1,200 level,” he said.
Gold started to rally before the dollar selloff really took hold, Sneddon pointed out. But it has obviously benefited hugely from the move in the dollar over the last couple of weeks, he added.
