Gold Forecast: Gold Expected to Target $2,450 in December

Technical Analysis Expert & Editor @ GoldPredict.com
November 22, 2024

gold forecastGold reached its peak in October and is now undergoing an intermediate decline, which could see prices drop toward $2,450 in December.

The recent rebound in gold was anticipated, but it may be nearing its end. Prices are approaching key resistance levels between $2,720 and $2,760.

The monthly chart of gold confirmed a major breakout in 2024, with our technical analysis supporting a bullish price target between $8,000 and $10,000 by 2030.

GOLD MONTHLY: The post-election decline in gold has been disappointing, but it's important not to lose perspective. Gold confirmed a major bull market breakout in 2024 that should push prices towards $10,000. The current decline will be a distant memory and barely recognizable come 2030.

GOLD DAILY: Gold reached our $2,800 target in October and prices are bouncing after the initial breakdown. Once this rebound is complete, our work supports one more drop in December that could test $2,450 before bottoming in the next cycle low.

SILVER: Silver is not confirming the recent move in gold and is showing relative weakness. This bounce should be limited to resistance near $33.00, followed by more downside in December. If silver continues to underperform - prices could retest the $26.50 area.

PLATINUM: Platinum formed a bearish engulfing candle after testing the 50-day EMA. After this rebound, more downside is likely, which could take prices below $900.

GDX: Miners are bouncing with near-term resistance near $39.00. It would take progressive closes above $40.50 to support a bullish reversal. Otherwise, more downside is likely in December.

GDXJ: Juniors are bouncing towards resistance near $49.50. Prices would have to close progressively above the election day high of $51.62 to establish a bullish reversal. Overwise, I'm looking for more downside in December.

SILJ: Silver juniors are bouncing and could fill the gap near $13.20. Prices would have to close progressively above the election day high ($13.68) to restore bullish momentum.

BITCOIN: Bitcoin is a stone's throw away for 100k. The MFI is overbought, and we could see a pullback on profit taking. Crypto appears to be in a new bull phase that should last into Q4 2025.

Conclusion

Gold surged nearly $1,000 from its October 2023 low and is now taking a necessary pause. The current rebound appears to be driven by geopolitical factors but lacks confirmation from silver or platinum. Additional downside is expected with a bottom likely in December (around the Fed announcement).

********

AG Thorson is a registered CMT through the MTA and an recognized expert in technical analysis of the precious metals markets. He is also the Editor of GoldPredict.com where members receive daily updates and regularly scheduled reports 3-days a week. He prides himself on making his analysis easy to understand through the use of adaptive and creative charting methods. You can reach AG at [email protected].


14 karat gold is 58.5% pure gold
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook