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Wells Fargo Investment Strategy Analyst Austin Pickle, said in its latest note, gold is likely to see additional gains by the end of 2020.

Key quotes (Kitco News)

“We still like gold at these levels.”

“In May 2019, gold finally and definitively broke above the $1,300 per ounce resistance level—after six years of trying. In the year since that time, gold has made comparably quick work of the next major resistance levels.”

“With our 2020 year-end target of $1,800-$1,900, we have been asked whether we still like gold at these levels. The short answer is a resounding, ‘yes’.”

“Gold has a host of drivers working in its favor, and [we]believe that gold is on its way to new highs.”

“Gold could take a breather in the short term.” 

“Sizeable positioning and powerful market sentiment often are anchored at milestone prices. It can take time to clear out those positions and convince market participants that conditions exist for even higher prices.”

“In the chart below, we can see examples of this process at each of the recent major price resistance levels. The chart shows the price of gold in purple and the relevant resistance levels in orange. Notice that at each major resistance level, gold has struggled for months before decisively breaking out.” 

Gold chart