Gold's Bullish Rally: Aiming for $2,100 Amidst Crypto Surge

• Gold Nears $2,000 Breakthrough Amid Market Rally
• Review of Gold Price Performance
• Impact of the Federal Open Market Committee (FOMC) Meeting on Gold
• Forecast: Gold Poised to Hit $2,100 Post $2,000?
• Outlook: All-Time Highs on Horizon?

Gold Nears $2,000 Breakthrough Amid Market Rally

Gold prices are currently surging towards the $2,000 threshold and could potentially cross it come Wednesday. The precious metal is teetering around $1,998.80, just a couple of points shy of the $2,000 mark. The XAU/USD chart experienced a brief peak at $2,000 today but promptly retreated to $1,998. Nonetheless, a recovery is underway and the next bullish movement could push its prices beyond $2,000, either today or by week's end.

Review of Gold Price Performance

The peak price for gold this week reached $2,005 amid a rally of 1.40%. This surge followed the Feds' minutes meeting, which took place on Tuesday. The US dollar's soft trading on the charts has contributed to the precious metal's soaring value this November. Over the last 30 trading days, gold's price has escalated nearly 18%.

Impact of the Federal Open Market Committee (FOMC) Meeting on Gold

This week's major event was the Federal Open Market Committee (FOMC) meeting, which could influence the future direction of the commodity market. Encouragingly, inflation in the US is in a cool-off phase, currently pegged at 3.2%. Despite the Feds' hawkish stance and interest rate hikes this year aimed at curbing inflation, there is still ground to cover. The target remains to bring the CPI data under the average 2% threshold.

Forecast: Gold Poised to Hit $2,100 Post $2,000?

A group of analysts project that gold prices could hit $2,100 by either late December this year or Q1 of 2024. This forecast is driven by institutional investors' increased interest in the gold market, spurred by fears of a looming recession and potential market crash next year. Gold's reputation as a safe haven and a hedge against inflation in times of economic turmoil underpins this trend.

Outlook: All-Time Highs on Horizon?

The impending global market downturn could serve as a catalyst for a boost in gold prices to new record highs. A speculative outlook also hints at a 50% rise in the value of the precious metal by 2024, potentially reaching the $3,000 milestone.

Edited by Jonathan Stoker