Gold price rises, will it reach $3000?

[Zerologic]

Gold price has now reached $2706 extending the previous day's gains. It seems that positive gold sentiment amidst geopolitical risks and also hopes of the Fed cutting interest rates has further confirmed the unstoppable rise in gold prices. However, sometimes profit-taking can cause prices to rebound and this requires caution.

Giant global banks predict that gold will extend its price rise and break records again until 2025, supported by the rapid inflow of investor funds in gold exchange-traded funds (ETFs) and additional cuts in interest rates by central banks around the world. Several of the world's top banks even project the price of the yellow metal to exceed US$3,000 next year.

Meanwhile, the action of buying up gold by the central bank is still significant in the London over-the-counter market, which could encourage a 66% increase in gold prices which is predicted to reach $2,900 in early 2025.

 

[Zerologic]

Looking at today's gold price changes at Monday's market opening 21 October, the gold rose again to around $2625. Bullish sentiment in gold may also be triggered by the ongoing geopolitical risks in the Middle East. In addition, it may be due to the global central bank's demand for gold as reserves.

 

[Zerologic]

Yesterday the gold price reached a new ATH record of $2740 but fell again because profit-taking brought the gold price to a rebound to a low of $2713. Goldman Sachs even predicts that the price of gold in 2025 could reach $2973.

Compared to Platinum prices and Silver, gold prices are more likely to rise more stably in 2024, palladium prices tend to be stable at around $116, while Silver's high volatility tends to follow the movement of gold with a steeper chart pattern than gold.

According to World Bank data, global central bank demand in 2024 for gold will reach 289.7, higher than in 2023 which was 219.6.

Meanwhile, the first largest country purchasing gold in 2024Q1 is Turkey, then China, India, Kazakhstan, Czech Republic, Oman, Singapore, Kyrgyz Republic, Qatar and Poland

 

[Zerologic]

Yesterday's gold price declined to a low of $2708. The price reached a high of $2758 and became a new all-time high to date The decline in gold prices can be caused by profit-taking by traders amidst gold prices which are considered to have entered overbought levels. On the other hand, the strengthening of the Dollar Index which continues to weigh on other currencies is also the reason for gold's decline. Plus rising US Treasury yields. Ahead of the US election Gold prices are depreciating, but hopes that the Fed will cut interest rates next month could support gold in the long term.

 

[Gringo0]

Дстаточно тяжело сказать т.к. Если обратиться к графике, то будут видны только объемы покупки. Кроме того, если мы раскинем уровень фибо, мы увидим ближайший уровень 2800. Для начала нужно посмотреть на реакцию цен, при достижении этого уровня, и только потом можно построить какие-то прогнозы по поводу цены 3000 за унцию
.На скрине ТФ W1

 

[Zerologic]

Yesterday the price of gold collapsed again after reaching a new all-time high of $2789, the price dropped to a low of $2731, but there is a possibility that it is just a retracement, technically gold still tends to be bullish based on the MA 50. What you might need to watch out for is the US election, if Trump wins, gold might fall because Trump's economic policies can change the market.

 

[Zerologic]

Today the price of gold is still around $2738, moving up from a low of $2730. Today the market may be a bit sluggish because there is no high-impact news, even Japanese banks are closed because they are commemorating Cultural Day

 

[charles2]

$2599 now ,may go to $3000 but does it matter, as a day trader I wont to know where its going in the next hour.

 

[Zerologic]

$2599 now ,may go to $3000 but does it matter, as a day trader I wont to know where its going in the next hour.

Gold holders will hope that the price will rise year over year, trading gold through CFD brokers usually traders will only do it in the short term because gold fluctuations are highly volatile. Now gold is around $2607, recently gold has been under pressure from strengthening the USD.

 

[Simon54]

Yes, exactly! Due to Trump’s vision, the US economy and US bonds getting stronger, it’s putting pressure on gold. Gold is already dipping to a two-month low, and with the continued strength of the USD, I wouldn’t be surprised if it faces more downside in the near future.

 

[Zerologic]

Gold volatility is very high, vulnerable to the risk of short-term changes, although analysts projected that gold's decline may continue amid Trump's protectionist policies, but this morning gold tried to rise to $2586 after last weekend drawing an indecision Doji candle. Lower than expected US core retail sales impact may be the reason.

 

[charles2]

Gold volatility is very high, vulnerable to the risk of short-term changes, although analysts projected that gold's decline may continue amid Trump's protectionist policies, but this morning gold tried to rise to $2586 after last weekend drawing an indecision Doji candle. Lower than expected US core retail sales impact may be the reason.

Are you trading XAUUSD ?

 

[Zerologic]

Are you trading XAUUSD ?

Yes, I do. Sometimes I trade on gold at FXOpen for short-term trading. This is challenging,

 

[Simon54]

Gold volatility is very high, vulnerable to the risk of short-term changes, although analysts projected that gold's decline may continue amid Trump's protectionist policies, but this morning gold tried to rise to $2586 after last weekend drawing an indecision Doji candle. Lower than expected US core retail sales impact may be the reason.

Can see the gold price to be influenced by Fed's actions. Recently, analysts have started speculating that the Federal Reserve might pause or even cut interest rates further in December, which could make gold more appealing to traders. As of now, gold has already crossed 2626.20 and is aiming for 2629, and I’m keeping an eye on it to see how it moves.

 

[charles2]

Yes, I do. Sometimes I trade on gold at FXOpen for short-term trading. This is challenging,

You are right, gold can be challenging, a strict Technical strategy is needed, ( in my opinion ) as trading fundamentals for me is not possible as the swing moves are to large and defiantly unpredictable.

 

[Zerologic]

You are right, gold can be challenging, a strict Technical strategy is needed, ( in my opinion ) as trading fundamentals for me is not possible as the swing moves are to large and defiantly unpredictable.

Perhaps if we can make the right entry when the reversal begins in the long run, the profit potential becomes very large, but again the high volatility of gold makes it difficult to determine the best price for reversal, I always set a stop loss and target when trading gold.

 

[Zerologic]

Today's gold price seems to still be in positive sentiment, yesterday the price rose to cross the MA 50 from the lower side, extending the increase since the previous few days, perhaps the increase in gold prices this time was supported by geopolitical risk factors. Ukraine and Russia's war reached new tensions after Joe Biden allowed Ukraine to use US long-range weapons to reach Russia's interior. On the other hand, Russia's response to the US action stated that it would change its nuclear doctrine which could trigger World War 3.

 

[charles2]

Perhaps if we can make the right entry when the reversal begins in the long run, the profit potential becomes very large, but again the high volatility of gold makes it difficult to determine the best price for reversal, I always set a stop loss and target when trading gold.

Can I ask, what is giving you the entry signal to enter a trade?

 

[Zerologic]

Can I ask, what is giving you the entry signal to enter a trade?

I trade based on my own risk at FXOpen, I do not follow signal providers and work independently based analysis fundamental and technical, mainly watching the price that represents market behavior itself.

 

[Zerologic]

Gold prices are still stable in the range above $2600, trying to rise slowly, but are still consolidating near the middle band line. While waiting for US jobs data which may drive gold price volatility.