Gold's Decline Predicted: $2250 in Sight by 2024

• Gold's Price Adjustments Offers Prospects for 2024
• Giovanni Staunovo's Perspective on Gold's Potential Highs
• A Look at Gold's Recent Performance and Future Prospects
• Analysis by FX Empire's Bruce Powers
• Predictions for Gold's Future Performance

Gold's Price Adjustments Offers Prospects for 2024

After achieving a record high of $2150 in December, Gold has experienced a price adjustment as the new year unfolds. Despite this, there is a prevailing expectation that the asset may regain its upward trend in the upcoming months. Nevertheless, the short-term predictions suggest a possible further reduction in Gold's price, with an aim of reaching $2250 by 2024.

Giovanni Staunovo's Perspective on Gold's Potential Highs

Giovanni Staunovo of UBS recently shared insights on the potential new highs that Gold could reach this year. A key influencing factor highlighted by Staunovo is the anticipated interest rate cuts by the Federal Reserve. Current data suggests a 62% likelihood of these cuts commencing at the Federal Reserve's policy meeting in March.

A Look at Gold's Recent Performance and Future Prospects

For the concluding months of 2023, Gold's price underwent a significant upward shift, culminating in a new record high for the asset, its highest level since 20202. Despite a minor adjustment, there remains considerable optimism for its future performance. At the moment, Gold is priced at $2042, and it has demonstrated stability for the most part of the past day. This has led to some experts predicting the possibility of a further decline in Gold's price, but a rebound to $2250 remains a viable expectation for 2024. This is largely attributed to the ongoing economic conditions in the United States.

Analysis by FX Empire's Bruce Powers

Bruce Powers, the Technical Analyst and Global Market Strategist at FX Empire, discussed the downturn and its impact on the metal. Specifically, Powers mentioned the absence of signs that support will inevitably hold in the short term. He, however, asserted that a deeper retracement was anticipated, but not by much.

Predictions for Gold's Future Performance

Moreover, Powers remarked that it appears gold is set to pursue new highs in the foreseeable future, as deduced from technical analyses. This aligns with Staunovo's viewpoint on the metal's price.

In Staunovo's words, We anticipate that the Federal Reserve's execution of several rate cuts this year will draw back financial investors via ETF and bar demand, subsequently raising the price of Gold to $2250 per ounce by year-end. In conclusion, it is expected that a retracement will work synergistically with the forthcoming rate cuts, collectively propelling the asset to greater heights.

Edited by Jonathan Stoker