Entering the year 2024, the gold market is positioned for substantial gains, driven by a combination of factors such as accommodative adjustments in U.S. interest rates, tensions in the middle east, and heightened central bank acquisitions. Notably, spot gold has already experienced a notable 13% surge in 2023.
Noteworthy Observations:
- Gold’s Outlook: Projections suggest that gold is poised to reach unprecedented heights in 2024, with an expected peak of $2,300 by mid-year. This upswing is attributed to the influence of dovish U.S. interest rate adjustments, geopolitical uncertainties, and continuous central bank acquisitions.
- Silver and Platinum Predictions: Silver is anticipated to achieve $26 per ounce, primarily driven by industrial demand. Concurrently, platinum is projected to fluctuate within the range of $800 and $1,100.
- Palladium’s Impact from Electric Vehicles: Palladium prices, influenced by the expanding electric vehicle sector, are forecasted to average around $750 throughout 2024. This highlights the intricate connections between precious metals and the evolving policy and economic landscapes.
Gold Price Projections:
- Current Position: Currently, gold is trading at $2,061, reflecting a marginal decline of 0.11%. Key resistances are identified at $2,087, $2,105, and $2,132, while supports are situated at $2,050, $2,020, and $1,990.
- Technical Indicators: The RSI (Relative Strength Index) is at 48 which suggests a balanced sentiment, while the MACD (Moving Average Convergence Divergence) is at -2.735 hints at potential downward momentum. The 50-Day EMA (Exponential Moving Average) is at $2,055 serves as a crucial support, and an upward breakout is at $2,062 adds additional trend complexity to the analysis.
- Overall Outlook: The market sentiment for gold appears relatively bullish above the $2,058 mark, with gold traders meticulously monitoring these technical analysis for future trends.
Silver’s Trajectory:
- Current Position: Silver is trading at $23.788, marking a 0.77% decline. Immediate resistances are noted at $24.50, $25.50, and $26.50, with supports at $24.50, $23.50, and $22.50 once again.
- Technical Indicators: A bearish trend is indicated by the RSI at 41 and the MACD (Moving Average Convergence Divergence ) is at -0.055, suggesting potential downward pressure. Silver is trading around its 50-Day EMA (Exponential Moving Average )of $24, presenting a critical move for Silver. A symmetrical triangle pattern indicates a fresh consolidation phase, with support at $23.60 and facing resistance at $24.10.
- Overall Trend: The overall trend for silver still appears to be bearish below the $24.10 level.
Copper Market forecasts:
- Current Position: Copper is valued at $3.91, showing a 0.63% decline. Key levels include a turning point at $3.92, resistances levels at $3.96, $4.01, and $4.05, and supports at $3.90, $3.83, and $3.81.
- Technical Indicators: The RSI at 40 suggests a bearish trend, supported by a negative MACD value of -0.007, indicating a potential downward trend in play. Copper is trading below its 50-Day EMA of $3.90, confirming a short-term bearish trend remaining intact.
- Recent Developments: The recent breakout of the downtrend to an upward trajectory near $3.94 and a crossover of the 50 Exponential Moving Average (EMA) below $3.91 suggest further volatility including a potential price decline trend.
- Summary: The current trend at play for copper appears neutral to bearish below the $3.91 price point.
In Conclusion:
In summary, the precious metals market in 2024 is defined by the potential for historic highs in gold, a bearish trajectory in silver, and cautious dynamics in the copper market. Market participants are vigilantly monitoring geopolitical events, central bank actions, and technical indicators to navigate these intricate market trends effectively.This Article was brought to you by:Cash for Old Gold
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