Gold prices broke record after record this year. However, according to analysts, this is just the beginning. According to IG Markets market analyst Axel Rudolph, gold will rise to $2,900 by the end of the year. Moreover, it will trade between $3,000 and $3,113 in the first quarter of 2025.
Gold is in an uptrend, declines are a buying opportunity!
cryptokoin.comAs you follow from , gold is hovering near peak levels. Axel Rudolph says in a recent analysis that gold has been in a strong bull market for the last two years. It also notes that last week’s record price of $2,790.00 was just below the $2,800 level. Based on this, the analyst makes the following assessment:
Even if there is a significant pullback, gold price will remain in the long-term uptrend as long as it supports the 2024 uptrend line at $2,550.00. Therefore, barring a drop to the late April low of $2,278.00, such a possible pullback would represent a buying opportunity. (…) On the weekly chart, support can be seen at the September high of $2,685.00 and the early October high of $2,605.00.
Gold prices will reach these levels at the end of the year and in the first quarter of 2025!
Rudolph predicts that beyond the psychological level of $ 2,800 – $ 2,900 for gold, which is expected to reach by the end of 2024, the $ 3,000 level will become the focal point in the first months of next year. In this context, the analyst said, “This level coincides with the 261.8% Fibonacci extension of the 2022 September -2023 May advance, higher than the October 2023 low of $ 2,999.46. However, we do not expect it to reach this level before the first quarter (Q1) of 2025.” he says. The analyst says it will act as a strong round number magnet for investors. Therefore, he predicts that gold will trade around $3,000 for several months. In this regard, the analyst makes the following statement for his gold price prediction:
It seems that physical gold purchases by many central banks, especially China, will continue until this threshold is reached. If these bullion buying continues beyond the $3,000.00 technical level, $3,113.00 could also be reached. “This level represents an estimated 261.8% Fibonacci extension from the 1999 low to the September 2011 high and upwards from the December 2015 low.”
If it breaks technical levels, $4,000 is ahead!
The analyst also evaluates the possibility of gold exceeding these technical levels in 2025. According to Rudolph, the next psychological target would be the $4,000.00 mark. The analyst states that this level is a possible upside target.
What’s in the technical view?
Gold surprisingly fell to $2,731.64 after reaching a record high of $2,790.17 on Thursday. The analyst says this is a buying opportunity for investors looking to take long positions ahead of today’s US elections. In this context, the analyst draws attention to the following levels:
Below $2,731.64 is the October 23 low of $2,708.76. As long as it remains below this level, the medium-term uptrend will remain intact. Resistance above the October 23 high of $2,758.52 lies at this week’s all-time high of $2,790.17, and a rise above that would engage $2,800.00 and beyond.
