Sunday , 3 November 2024
Home Forex Goldman Sachs raises average gold price forecast for 2024 to $2180 from $2090.
Forex

Goldman Sachs raises average gold price forecast for 2024 to $2180 from $2090.

Goldman Sachs raises average gold price forecast for 2024 to $2180 from $2090.

Goldman Sachs has raised its average gold price forecast for 2024 to $2180 from $2090. The current price is trading at $2161.

Looking at the daily chart above, the price of gold extended to a new all-time high last Friday at $2195.15. That run extended above the December 4 high at $2145.64 which is close risk now for buyers. Staying above that level keeps the buyers firmly in control.

A lower support area comes between $2064.14 and $2088.48. Those levels correspond with swing highs going back to 2020 (see red number circles on the chart above). Longer-term, moving below that level would likely disappoint the buyers on the break.

This week, the price has been trading up and down between a low at $2150.78 (on Tuesday) and a high from Monday’s trade at $2188.99 as a market consolidates the sharp gains in a March. From the end of February price to the high price reached last Friday, the price of gold rose 7.40%. At current levels, the price is still up 5.72%.

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Crude oil price forecast

Crude oil price outlook: key levels to watch amid bearish controlIf you’re...

The technical levels in play for the trading week for the major currency pairs.

EURUSD: GBPUSD:USDJPY:USDCHF:AUDUSD:NZDUSD: This article was written by Greg Michalowski at www.forexlive.com.

Newsquawk Week Ahead: US election, Fed, BoE, RBA, US ISM Services PMI and Canada jobs

Mon: Japanese Holiday: Culture Day. Eurogroup Meeting, EZ Manufacturing PMI Final (Oct),...

Singapore Purchasing Managers Index fell from previous 51 to 50.8 in October

Singapore Purchasing Managers Index fell from previous 51 to 50.8 in October