GOLD

Gold

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 <p>Following a positive US Weekly Jobless Claims report, the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> price could be headed toward the $2,000 mark. Indeed, the metal broke through the 20-day Simple Moving Average (SMA) at $1,974. Subsequently, it reached $1,987, reaching its highest level since November 6th.</p>
 <p>Forecasts predict the next strong resistance area stands at $1,992, which could be an important moment for the asset. Moreover, if it were to successfully break above the area, the road to $2,000 appears to be in the cards. Yet, just how likely is the breakthrough?</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp" alt class="wp-image-118827" srcset="https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 380w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 550w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 800w, https://cdn.thebittimes.com/images/2023/11/18/04a4644aabc2a45f722c03ef982e63ed.webp 1063w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: Gold Price Set to Rise $700 Per Ounce as US Debt Spirals</strong></p>
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 <h2 class="wp-block-heading" id="h-gold-bound-for-2-000-after-reaching-highest-price-since-early-november">Gold Bound for $2,000 After Reaching Highest Price Since Early November</h2>
 <p>United States economic data continues to affirm that the Federal Reserve has little action left to take in the fight against inflation. Subsequently, that fact has encouraged the rising price of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>, despite the dollar still struggling. Moreover, data has signified the upcoming milestone that the yellow metal is headed straight toward.</p>
 <p>Indeed, data shows that <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> prices are headed toward the $2,000 level after a key breakthrough. Specifically, support is currently standing at $1,975, closely followed by the 100-SMA and uptrend marker at $1,964. Still, the asset remains in a rather delicate space because a slight below that line could lead to a slip to a price of $1,950.</p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="435" src="https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp" alt class="wp-image-119272" srcset="https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 1536w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 2048w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 380w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 550w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 800w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 1160w, https://cdn.thebittimes.com/images/2023/11/18/22d23a6cf7e2a11e28b2feda6617076a.webp 2183w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: Gold Price Forecasted to Rise 50% in 2024, Reach $3,000</strong></p>
 <p>Conversely, bulls have gotten the upper hand in the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> market due to the overall weak inflation data. DailyFX market analyst David Cottle spoke on the sentiment among investors leading toward the Fed’s victory over inflation. Therefore, it is catapulting the price of the asset upward.</p>
 <p>“For all the yellow metal’s vaunted properties as an inflation hedge, it has suffered as borrowing costs have risen,” he stated. “This explains at least partially why weaker inflation figures can do the trick of lifting both supposed haven assets like <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> and traditionally riskier bets,” he added.</p>
 <p>Conclusively, Cottle noted that $2,000 could be in play for the metal. He stated, “There’s clearly no sign of overbuying at this point, suggesting that the rally could have enough strength to get back to $2,000 and, possibly, up to late October’s peak of $2,009.”</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gold-price-heading-toward-2-000-after-key-breakthrough-tbt70741.html">https://thebittimes.com/gold-price-heading-toward-2-000-after-key-breakthrough-tbt70741.html</a></p>

Gold Price Heading Toward $2,000 After Key Breakthrough

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