On the daily time frame, gold has once again entered the overbought zone. It has been on an upward trajectory without any significant counter correction, primarily due to the buying pressure from FOMO (Fear of Missing Out) investors. Although sellers are attempting to capitalize on a perceived triple top pattern, the weekly time frame indicates that the price closed above $2000. This suggests that the Federal Open Market Committee (FOMC) is unlikely to hinder gold buying, reinforcing the bullish sentiment.
As a result, my target for gold in 2024 remains unchanged at $2300. Investors are even more optimistic, setting their sights on a $3000 target. Taking a broader perspective, the overall trend suggests a bullish outlook. For swing traders, this presents a great opportunity to capitalize on the current market conditions and potentially generate significant returns.
As a result, my target for gold in 2024 remains unchanged at $2300. Investors are even more optimistic, setting their sights on a $3000 target. Taking a broader perspective, the overall trend suggests a bullish outlook. For swing traders, this presents a great opportunity to capitalize on the current market conditions and potentially generate significant returns.