Goldman Sachs raises common gold worth forecast for 2024 to $2180 from $2090.

Goldman Sachs has raised its common gold worth forecast for 2024 to $2180 from $2090. The present worth is buying and selling at $2161.

Wanting on the day by day chart above, the worth of gold prolonged to a brand new all-time excessive final Friday at $2195.15. That run prolonged above the December 4 excessive at $2145.64 which is shut danger now for patrons. Staying above that stage retains the patrons firmly in management.

A decrease assist space comes between $2064.14 and $2088.48. These ranges correspond with swing highs going again to 2020 (see crimson quantity circles on the chart above). Longer-term, transferring under that stage would possible disappoint the patrons on the break.

This week, the worth has been buying and selling up and down between a low at $2150.78 (on Tuesday) and a excessive from Monday’s commerce at $2188.99 as a market consolidates the sharp good points in a March. From the top of February worth to the excessive worth reached final Friday, the worth of gold rose 7.40%. At present ranges, the worth remains to be up 5.72%.