<\/p>\n
Gold prices shot to the moon last year, climbing over 70%.<\/p>\n
However, for much of 2026, the ride has been anything but smooth, with conditions deteriorating after the Iran war.<\/p>\n
Gold prices retreated nearly 1% on Monday to $4,321.80 an ounce after sliding 3% on Friday in its worst one-day percentage drop since March 26.<\/p>\n
The latest pullback comes at a relatively strange time for gold bulls.<\/p>\n
For perspective, the U.S. economy looks mostly resilient (at least on paper), the May jobs report came in stronger than expected, and Treasury yields moved higher.\u00a0<\/p>\n
To back up those claims, the 2-year Treasury yield came in around 4.15% on Monday after hitting 4.17% on Friday, the highest level in nearly 15 months, according to Reuters.<\/p>\n
Higher Treasury yields make gold less attractive since the metal does not pay interest.<\/p>\n
Despite the bearishness, though, not everyone\u2019s ready to walk away from the trade.\u00a0<\/p>\n
According to TheFly, veteran market strategist Ed Yardeni, founder of Yardeni Research, believes gold may have another key level to test before the rally resumes.<\/p>\n
He sees the recent weakness as an opportunity to buy, arguing that gold’s rally could restart once geopolitical tensions subside.<\/p>\n
Veteran strategist Ed Yardeni identifies $4,000 as gold’s next major support level after breakdown<\/p>\n
SimpleImages / Getty Images<\/p>\n
How gold has performedGold is down 8.02% over the past month.Gold is up 3.40% over the past six months.Gold is up 30.61% over the past year.Gold is up 128.63% over the past five years.Gold is up 614.52% over the past twenty years.
\nSource: Goldprice.org.
\nWho is Ed Yardeni?\u00a0<\/p>\n
Yardeni is a veteran Wall Street voice, bringing decades of experience spanning Wall Street, Washington, and academia.<\/p>\n
More Gold & Silver<\/p>\n
Bank of America has stark message for Silver investorsState Street declares gold must-hold assetHow much gold you should hold in your retirement portfolio<\/p>\n
He founded Yardeni Research in 2007, after holding senior strategy roles at Oak Associates, Prudential Equity Group, and Deutsche Bank\u2019s US stocks division.\u00a0<\/p>\n
Before that, he honed his skills in macroeconomics, working at firms such as CJ Lawrence, Prudential-Bache Securities, and EF Hutton.<\/p>\n
One of his biggest contributions is the \u201cFed model”, a popular valuation tool that pits the stock market\u2019s forward earnings yield with the yield on long-term government bonds.<\/p>\n
Though the tool attracts its fair share of critics, it remains Yardeni\u2019s signature contribution to market analysis.\u00a0<\/p>\n
Apart from Wall Street, he has taught at Columbia University\u2019s Graduate School of Business and worked at the Federal Reserve Bank of New York and the U.S. Treasury Department.<\/p>\n
Also, he regularly features in a variety of media outlets, including The Wall Street Journal, The New York Times, and The Wall Street Journal.<\/p>\n
Ed Yardeni sees one key floor before gold can recover<\/p>\n
Yardeni feels the shiny yellow metal might need to fall further before its next leg higher.\u00a0<\/p>\n
The veteran analyst pointed to gold\u2019s break below its critical 200-day moving averageof $4,443.40 an ounce as a major technical warning.\u00a0<\/p>\n
When an asset falls behind that level, the worry is often over whether the uptrend will remain intact.<\/p>\n
However, once the king metal broke that level below, Yardeni identified the next big support level.<\/p>\n
\u201cWe reckon the next support is at $4,000,\u201d he told clients in a Sunday note.<\/p>\n
For context, from Monday\u2019s level near $4,321.80, a drop to $4,000 would be another 7.4%. It also deepens a pullback that already includes a 3% Friday selloff along with a 4.9% weekly decline (the worst weekly slide since March 20).<\/p>\n
Nevertheless, Yardeni\u2019s broader view remains mostly bullish.\u00a0<\/p>\n
He feels that once the dust settles on the Iran war, we are likely to see gold pick up the pace again.\u00a0<\/p>\n
He targets a $5,500 level by the end of this year and $10,000 by the end of the decade.\u00a0<\/p>\n
As a result, Yardeni sees meaningful support for gold in the near term.\u00a0<\/p>\n
While the metal could face additional downside in the short run, he believes the long-term bullish case remains firmly intact.<\/p>\n
Wall Street’s targets on goldWells Fargo Investment Institute has a year-end 2026 gold target of $6,100 to $6,300 per ounce.Bank of America has a 12-month gold target of $6,000 per ounce.J.P. Morgan sees gold climbing toward $6,000 per ounce by the end of 2026.UBS has a 2026 gold target of $5,600 per ounce.Goldman Sachs has an end-2026 gold target of $5,400 per ounce.Citi has a near-term gold target of $4,000 per ounce.<\/p>\n
Related: Moody\u2019s drops stunning take on the economy<\/p>\n
#Veteran #analyst #pinpoints #critical #level #gold #prices<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices shot to the moon last year, climbing over 70%. However, for much of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[259],"tags":[333,1173,158,1942,14284,420,2240],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/8311"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8311"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/8311\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}