Gold’s upward trend above $2,000 per ounce is prompting calls for a rally to a new all-time high.

Futures were 0.5% higher on Monday, just north of $2,013 per ounce. Prices are at six-month highs and up two weeks in a row.

That has boosted hopes that the precious metal could top its all-time high of $2,074.88 reached in August 2020.

“Gold [is] showing additional proof that a rally back to new all-time Highs is underway,” Mark Newton, head of technical strategy at Fundstrat, wrote in a recent note to clients.

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Most traders consider $2,050 as the breakout level for momentum to send prices to that level.

“My technical target for gold is $2500/oz, and it looks appealing to be long precious metals given falling real rates, rising cycles and ongoing geopolitical conflict,” said Newton.

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