Gold expected to move much higher in 2024
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The price of gold is expected to test levels from $2,060 to $2,090 per ounce, and on any correction if $2035 holds, the prices may target $2,115 level in the current up-move, as per a report by Emkay Wealth Management.
The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite high global inflation, the report said.
The yellow metal has boomed from the lows seen in the last six months to levels above $2,000 per ounce, and currently it is perched at $2,050 level. The boom was possible with the depreciation of the US dollar against other currencies, and the fall in the dollar Index, both of which were possible due to the market’s perception that the US interest rates and more specifically the US official rate policy could turn soft very soon.
Below $2,035, technically, there is good support at $2,010 and then at $1,980 levels. The upward price movement is expected to continue until the first resistance level which is at $2,080-2,090 levels, the report said.
