Gold prices are headed for all-time highs and could eventually hit $2,500, Fundstrat says

• Gold prices are headed for all-time highs, according to Fundstrat's Mark Newton.
• A move above $2,009.41 per ounce should lead to the $2,060-$2,080 range, he said in a note.
• The technical analyst also has an "intermediate target" for gold to reach $2,500.

This Thanksgiving may call for a feast on gold as prices push towards all-time highs, according to Fundstrat's Mark Newton.

In the past couple of weeks, gold futures have surged 3% and briefly breached a key psychological threshold of $2,000 per ounce on Tuesday.

In fact, Tuesday's action marked the highest daily close of November, and any movement above $2,006.37 per ounce this week would make it the highest weekly close since the spring, the technical analyst said in a note Wednesday.

"This is quite positive technically, and I expect that gold has begun its push back to new all-time highs," Newton wrote, adding that a move above $2,009.41 should lead to the $2,060-$2,080 range.

In follow-up comments to Business Insider via email, he said a breach of resistance at $2,080 would signal a "definite technical breakout," which he expects to happen and quickly drive gold even higher.

To be sure, different datasets have different record highs for gold, but they all go back to 2020. According to Dow Jones Market Data, the intraday high is $2,089.20. For Refinitiv, it's $2,072.50, while Bloomberg puts it at $2,075.47.

Either way, Newton sees gold prices eventually blowing well beyond those figures.

"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," he wrote in his note.

He later clarified to Business Insider that his timeline for $2,500 isn't necessarily for the end of the year but is an "intermediate target."