Gold prices dropped more than 3% on Monday following eased trade tensions between the US and China. Despite this significant decline, experts like Peter Grant from Zaner Metals suggest that the long-term outlook for gold remains positive.
Analysts at Ned Davis Research recommend holding rather than selling gold positions, noting that while the market is showing signs of being overbought, economic uncertainty and geopolitical tensions continue to support gold prices.
Grant expects gold to consolidate between $3,200-$3,500 with potential to retest the recent record high of $3,509.90 within weeks.