To kick off a vibrant new year, let’s take a look at the long-term trend of gold price and the US Dollar Index for the entire year.
The gold price trend for 2024 lies within a significant upward channel from L1 to T2 (the wave structure of the million-dollar pattern). Therefore, this year presents an ideal buying opportunity with significant growth potential.
Utilizing convergence technical methods, I have identified the ideal buying zone. The buying zone for the year encompasses the convergence range from 1975 to 1990. The price levels expected to be reached in 2024 are 2100, 2180, and possibly even 2280$/oz. This projection is reinforced by the influence of the US Dollar Index and its trend in 2024. Therefore, stay tuned for weekly updates on gold price and the US dollar.
This sets the stage for a promising year, offering investors an advantageous entry point and potential for substantial growth in the gold market.
