Gold Price Forecast January 1 — 5,2024
The price of gold concludes the trading week with a bullish correction near the 2062 level. There is still potential for the formation of a Double Top reversal pattern. The moving averages suggest a bullish trend. Prices have broken upward through the area between the signal lines, indicating pressure from buyers of the precious metal and a likely continuation of growth from current levels.
Gold Price Forecast January 2024
Currently, we should anticipate an attempt to push the gold quotes higher and a test of the resistance area near the level of 2070. A downward rebound is expected from this point, signaling the continuation of the decline in the price of gold. A potential downward target is the area below the level of 1990 for a long term.
In this video, I discussed the weekly analysis of gold for the first week of January 2024. I anticipate a correction in gold prices before resuming the upward trend that aligns with the overall direction of gold. Therefore, my trades for the upcoming week will involve selling gold and trading along with the current correction in gold prices.
Video link to the weekly gold Forecast
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