Gold Price Forecast – December 5, 2024

Gold Technical Analysis and Near-Term Outlook

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Gold failed to rise and challenge the $2704 equal to (1.00) target of the compound wave up from $2629.7 after testing the $2682 smaller than (0.618) target on Wednesday. Instead, prices fell and are poised to take out the $2644.1 and $2644.5 corrective swing lows of the waves up from $2629.7 that still show potential to extend to $2704 and higher. Moreover, the wave down from $2690.5 took out its smaller than target and is positioned to fulfill its $2635 equal to target. This is also the 62 percent retracement of the rise from $2565. Settling below $2635 will confirm a bearish outlook for the coming days and call for $2615 and then a test of the $2586 smaller than target of the wave down from $2826.

Should gold rise again and overcome the 62 percent retracement of the decline from $2682 at $2668 look for another test of $2682. Overcoming this would call for key near-term resistance at $2704 to be challenged.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the President of Kase and Company, Inc. He oversees all of Kase's operations including research and development, marketing, and client support. Dean began his career with Kase in early 2000 as a programmer but developed into Kase’s senior technical analyst and became President of the company in January 2024. 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.