Gold could reach $2000 this year, but it's not a buy until this level, trader says (via TradingNation)
The precious metal is up 11% in April, its best month since 2011, and has reached levels not seen in nearly eight years."I love gold, and you need some in your portfolio," Baruch said Tuesday on CNBC's "." The charts show "an inverse head and shoulders pattern — a beautiful technical pattern that played out through March into April and we're now breaking out above. It broke out above it.
"I do believe gold over the rest of this year will get to $2,000. I think it should be in your portfolio. The massive liquidity injected by the Federal Reserve, it's going to support asset prices like equities, but it's also going to support gold," said Baruch. Steve Chiavarone, portfolio manager at Federated Hermes, argues the opposite. He says the rush to safety assets such as gold could fade as markets stabilize.
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