Gold holds the distinction of being one of the world’s most valuable and sought-after precious metals finding extensive use in jewellery and electronics. Its historical role as a safe haven asset during economic downturns, preserving value in millennia, makes it’s a reliable investment in uncertain times.

With its long term intrinsic value, gold effectively diversifies investment portfolios , reducing overall risks. Gold’s price continue to be influenced by a variety of economic and geopolitical factors, including inflation, interest rates, and the value of the US Dollar.

Changes in the strength of the US dollar can impact the price of the gold since it is priced in US dollar. A weaker US dollar is generally good for the price of gold as it is derive up demand for safe heaven assets. When the dollar strengthens, gold may be more expensive for the investors of the other currencies, potentially reducing demand. When inflation is expected to rise or exceed nominal interest rates, and the stock market is expected to decline, investors may turn to gold as store of value, driving up its price.

Gold Price Forecasts 2024

JP Morgan Chase &Co. foresees an opportunity in gold ahead of potential US recession that could be caused by a new cycle of rate cuts by the US Federal Reserve. It had predicted that price would push past $2000 an ounce by the end of 2023. In December 2023, gold hits $2071, reacting to a new central bank monetary policy and raising haven demand. As interest rates start to fall, price could hit fresh records 2024. With the target of $27175 per ounce for bullion in the final quarter of 2024.

Gold’s price forecast for Q1 2024 at Bloomberg terminal is between $1913.63-$2224.22.

Goldman Sachs commodity analysts expects the potential upside of the gold price to be closely tied to changes in US interest rates and dollar investments, leading them to raise the gold price target for 2024 to $2050 an ounce. Increasing consumer demand from china and India could also affect the price of gold.

Some Technical Talks

On daily chart pattern we can see strong bullish candlesticks are showing increasing demand for the gold as well as the formation of rounding bottom is going to be formed in the market. The strong rally again we can see in the weekly chart, the trend of potential uptrend can be seen. If gold breaks the high of $ 2423 again new high will be formed in the market, still we can suggest buyers are again showing their strength in the market.

Indicators are also in position of excessive buying. The Gold price will be stably growing in the long term. The historical high was set at $ 2431. Most expert and analyst predict that XAUUSD rate will rise. The precious metal is expected to update its historical peaks: the rate may exceed $3000 in 2025, the price may go above $ 4000 level in the market.

The gold price rise during market instability and amid high demand for precious metals. The XAUUSD is considered an excellent long term investment asset.

Well Perform Technical Analysis For The Next Three Months Using H4 And D1 Time Frames

The symmetrical triangle patterns is developing on the H4 chart , whose target has been already been reached when the price perpendicularly grew to 2299.16 I’d like to mention that before momentum price growth happened, a Bear trap formed in the chart , become one of the growth drivers. The long term bullish flag pattern we have seen in the market by the end of December we can see maximum $2552.15 in gold levels.