Monthly Gold Price Forecast February 2024
In this monthly analysis, we explore technical expectations, focusing on the forecasted weakness in gold prices and key economic events likely to influence the market.
| Live Gold Price | Gold Spot Price Today |
|---|---|
| Gold Price per Gram | $65.26 |
| Gold Price per Kilo | $65,256 |
| Gold Price per Ounce(28.34 g) | $2,029.69 |
Gold Price Today : Convert Gold Ounce to US Dollar Or vice versa
Gold price chart in U.S. Dollar per ounce, Live gold price chart
Technical Analysis: Anticipating Weakness in Gold Prices
Technically speaking, the month ahead presents a forecast of weakness in gold prices. The daily timeframe chart points to a potential descent to the 1988 price zone. Investors and traders should closely monitor this level, as a breach could signify a further bearish trend. Now, let's delve into the notable economic events slated for February and their potential impact on gold.
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| Monthly Gold Price Forecast February 2024 |
Key Economic Events in February: Potential Headwinds for Gold
Tuesday, Feb 6:
AUD: Cash Rate and RBA Rate Statement
The Reserve Bank of Australia's Rate Statement, coupled with the Cash Rate announcement, may influence the Australian Dollar and consequently affect gold prices.
NZD: Employment Change q/q and Unemployment Rate
New Zealand's employment data can sway market sentiment, potentially impacting the New Zealand Dollar and, consequently, gold.
Wednesday, Feb 8:
USD: Unemployment Claims
The U.S. Unemployment Claims report can significantly influence the dollar's value, potentially affecting gold prices.
Friday, Feb 9:
CNY: CPI y/y
China's Consumer Price Index (CPI) year-on-year may influence global market sentiment and impact gold prices.
Tuesday, Feb 13:
GBP: Claimant Count Change
The Claimant Count Change in the UK, alongside U.S. Core CPI and CPI data, may contribute to market volatility.
Wednesday, Feb 14:
GBP: CPI y/y
The UK's Consumer Price Index year-on-year can impact the British Pound and subsequently influence gold prices.
Thursday, Feb 15:
AUD: Employment Change and Unemployment Rate
Australian employment data may influence the Australian Dollar and contribute to gold price movements. Additionally, U.S. economic indicators, including GDP and Retail Sales, may impact the dollar and gold.
Friday, Feb 16:
GBP: Retail Sales m/m
UK Retail Sales data may affect the British Pound and, consequently, gold prices. U.S. Core PPI and PPI data are additional factors to watch.
Monday, Feb 20:
AUD: Monetary Policy Meeting Minutes
The minutes from the Reserve Bank of Australia's Monetary Policy Meeting can provide insights into future policy decisions, potentially affecting gold prices.
Wednesday, Feb 21:
AUD: Wage Price Index q/q
Australian Wage Price Index data may influence the Australian Dollar and contribute to gold price movements. The release of FOMC Meeting Minutes in the U.S. is also a significant event to monitor.
Thursday, Feb 22:
USD: Unemployment Claims
The weekly U.S. Unemployment Claims report continues to be a key indicator for the dollar and, subsequently, gold.
Conclusion: Staying Informed in a Volatile Landscape
As we navigate through February 2024, gold investors should remain vigilant, considering both technical signals and the impact of crucial economic events. The forecasted weakness in gold prices underscores the importance of staying informed and adapting strategies to navigate the potential challenges presented by the diverse economic landscape throughout the month.
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