Gold Price Forecast – April 24, 2024

Gold Technical Analysis and Near-Term Outlook

This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ratio, and gold ETFs. If you are interested in learning more, please sign up for a complimentary four-week trial.

Gold rose to test the $2350 smaller than (0.618) target of the wave up from $2304.6 before pulling back again. This implies that the wave up from $2304.6 will test its $2366 equal to (1.00) target. However, the pullback from $2350.9 took out the 62 percent retracement of the rise from $2324.8. Therefore, odds lean in favor of taking out the $2324.8 swing low to challenge the 62 percent retracement of the rise from $2304.6 at $2322. This will invalidate the wave up from $2304.6 that projects to $2366 and higher. This will also call for a test of $2301 and then the $2283 intermediate (1.382) target of the wave down from $2448.8.

Nevertheless, while the $2324.8 swing low holds there is still a reasonable chance for a test of $2366. Closing above this will call for key resistance and larger than (1.618) target of the wave up from $2304.6 at $2400 to be challenged. The $2400 level is also the 62 percent retracement from $2448.8 and confirmation point of the bullish daily candlesticks that formed Tuesday and Wednesday. Settling above $2400 would imply that the corrective move down is complete, shifting the odds in favor of gold rising to $2433 and higher.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.