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MTrading Team • 2023-11-28

Gold Prices Approach 6-Months High Getting Ready for the Breakout

Gold Prices Approach 6-Months High Getting Ready for the Breakout

The gold market grabs investors’ attention, as the prices are reaching a 6-month high. The yellow metal was traded above $2,000 per ounce making some experts believe the breakout is imminent. What’s more, some analysts expect gold prices to hit an all-time high in the near future.

The price rally made market participants change their expectations of the future interest rate cut. They expect the FED to cut rates as early as May or June 2024 instead of March. Spot gold is up 0.5% last traded at $2,012.60 per ounce.

The majority of market participants agree eventual interest rate cuts and cooling inflation will push the gold price forward. So, it is only a matter of time before we see the metal reach the all-time high.

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Robust seasonal factors continue to support the asset price. We have already seen several significant rallies this year. Nevertheless, some experts suppose the yellow metal price is getting ready for a take-off. If the price exceeds $2,080 or traded around this level, it can make a breakthrough to reach $2,130 per ounce. It is going to be the fundamental Fibonacci level. However, the gold market still has some stumbling blocks on this path.

The only thing we can say for sure is that gold dynamics will be the game-changing trend that defines the future price action for months. In the end, we are likely to see either a bearish market for months/years or a long-term breakout featuring crucial resistance from the psychological point.

To gain more support, the gold market calls for a bigger number of Western investors. What’s more, we need to consider 1.5 tons of the yellow metal that flowed into the ETF market. Despite the price rally, some analysts do not expect the asset to meet a bullish market soon.

May the trading luck be with you!