Gold expected to move much higher in 2024: Emkay Wealth Management
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As per a report by Emkay Wealth Management titled ‘Navigator’, the price of gold is expected to test levels from US$ 2060 to US$ 2090, and on any correction if 2035 holds, the prices may target 2115 level in the current up-move. The geo- political developments are crucial for the markets as the demand for US Dollar assets, and therefore, of US Dollar, in the immediate term, will be determined by some of these exogenous factors.
The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite the high global inflation. The yellow metal has boomed from the lows seen in the last six months to levels above US$ 2000, and currently it is perched at 2050 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 US$ 2035. technically, there is good support at US$ 2010 and then at US$ 1980 levels. The upward price movement is expected to continue until the first resistance level which is at US$ 2080-2090.
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