Goldman Sachs has set an ambitious target price of USD 18,500 per metric ton for nickel by the end of 2026, signaling a bullish outlook for the metal. This projection hinges on the stability of nickel exports from Indonesia, a critical supplier. Should significant disruptions occur, prices could surge even higher, potentially testing the USD 20,000 mark, driven by speculative trading.
Currently, nickel is trading near the 38.2% Fibonacci retracement level of its latest upward movement, indicating a strong bullish sentiment in the market. The recent opening of the session with a bullish price gap further reinforces this positive momentum, suggesting that traders are positioning themselves for potential gains.
For market professionals, the key takeaway is to monitor developments in Indonesia closely, as any export disruptions could catalyze significant price movements in nickel, impacting related sectors and investment strategies.
Source: xtb.com