GOLD

Gold

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 <p>After reaching an all-time high of $2150 in December, Gold has seen a price correction to start the new year. However, there remains high hope that the assert could return to an upward trajectory over the next couple of months. Still, in the short term, the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> price could continue to drop with a price of <a rel="noopener noreferrer nofollow" title="$2250" href="https://thebittimes.com/tag/2250.html">$2250</a> in play for 2024.</p>
 <p>Giovanni Staunovo of UBS recently discussed the new highs that the metal could achieve throughout this year. Specifically, he identified the impending interest rate cuts by the Federal REserve as a crucial catalyst. Currently, there stands a 62% chance that those cuts begin at the agency’s March policy meeting.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp" alt="Gold Price Holds Steady Above $2070; How High Can It Go In 2024?" class="wp-image-123319" srcset="https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 1024w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 300w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 768w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 1536w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 380w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 550w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 800w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 1160w, https://cdn.thebittimes.com/images/2024/01/05/a830d88e3e4ff9e111ca4686c4003531.webp 1792w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: Gold Prices Find Support at $2,050, Looks for a Breakout at $2,100</strong></p>
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 <h2 class="wp-block-heading" id="h-gold-price-could-fall-more-before-epic-climb-to-new-heights">Gold Price Could Fall More Before Epic Climb to New Heights</h2>
 <p>For the last few months of 2023, the price of Gold had seen a massive shift upward. That ultimately culminated in a new all-time high for the asset, as it achieved its highest levels since 20202. Although it has experienced somewhat of a projection, there is still tremendous optimism around its future performance.</p>
 <p>Currently, Gold is trading at $2042, and has been steady for much of the last day. Subsequently, some experts have predicted that the gold price could continue to drop, while a reverse upward to $2250 is still very much in play for 2024. Specifically, it all has to do with the ongoing economic circumstances of the United States.</p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="733" height="419" src="https://cdn.thebittimes.com/images/2024/01/05/9d761ef25f58bc7df8c655d6ce8a2936.webp" alt="Gold" class="wp-image-119273" srcset="https://cdn.thebittimes.com/images/2024/01/05/9d761ef25f58bc7df8c655d6ce8a2936.webp 733w, https://cdn.thebittimes.com/images/2024/01/05/9d761ef25f58bc7df8c655d6ce8a2936.webp 300w, https://cdn.thebittimes.com/images/2024/01/05/9d761ef25f58bc7df8c655d6ce8a2936.webp 380w, https://cdn.thebittimes.com/images/2024/01/05/9d761ef25f58bc7df8c655d6ce8a2936.webp 550w" sizes="(max-width: 733px) 100vw, 733px">
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 <p><strong>Also Read: Gold Price Holds Steady Above $2070; How High Can It Go In 2024?</strong></p>
 <p>Bruce Powers, the Technical Analyst and Global Market Strategist at FX Empire noted the downturn and its overall impact on the metal. Specifically, he said there are “no signs” that holding support is inevitable in the short term. Thereafter, he stated that a “deeper retracement” is expected but, “not by much.”</p>
 <p>Additionally, Powers noted that “it seems like <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> is going to make a run for new highs in the foreseeable future,” based on technical analysts. Moreover, that coincides with Staunovo’s perspective of the metals price.</p>
 <p>“We expect with the FEd implementing several rate cuts this year, this should bring back financial investors via ETF and bar demand and lift the price of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> to <a rel="noopener noreferrer nofollow" title="$2250" href="https://thebittimes.com/tag/2250.html">$2250</a> per ounce by the end of the year,” Staunovo predicted. Altogether, a retracement should partner well with the impending rate cuts. Ultimately, working in cohesion to propel the asset even higher.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gold-price-drop-could-continue-as-2250-is-still-in-play-for-2024-tbt75634.html">https://thebittimes.com/gold-price-drop-could-continue-as-2250-is-still-in-play-for-2024-tbt75634.html</a></p>

Gold Price Drop Could Continue As $2250 Is Still In Play for 2024

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