Goldman Sachs has raised its average gold price forecast for 2024 to $2180 from $2090. The current price is trading at $2161.
Gold buyers remain in control
Looking at the daily chart above, the price of gold extended to a new all-time high last Friday at $2195.15. That run extended above the December 4 high at $2145.64 which is close risk now for buyers. Staying above that level keeps the buyers firmly in control.
A lower support area comes between $2064.14 and $2088.48. Those levels correspond with swing highs going back to 2020 (see red number circles on the chart above). Longer-term, moving below that level would likely disappoint the buyers on the break.
This week, the price has been trading up and down between a low at $2150.78 (on Tuesday) and a high from Monday’s trade at $2188.99 as a market consolidates the sharp gains in a March. From the end of February price to the high price reached last Friday, the price of gold rose 7.40%. At current levels, the price is still up 5.72%.