Gold prices are finding resistance at the $2,040 level and are currently consolidating in the charts. The precious metal delivered decent returns last year in 2023 after it spiked 12% YoY. The price rise occurred after the US dollar briefly declined globally due to inflation and soaring crude oil prices. The US Treasury yields did not come out as expected and the sell-off benefitted gold prices immensely.
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Gold Price Target For 2024
The SPDR Gold Shares (GLD) currently stands at 189 points and remained in the green this year in 2024 for three consecutive days. Financial and commodities analyst Bruce Kamich correctly predicted last year that SPDR gold (GLD) prices will end in 2023 above the $180 level. The analyst has now set a new target for SPDR gold prices in 2024.
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The analyst has been studying the gold markets for 50 years providing insights about its price moves. Kamich claimed that the Federal Reserve’s dovish stance will help gold prices shoot up this year in 2024.
According to Kamich, SPDR gold prices could rally in the next 12 months and reach a new high. The analyst predicts that the Gold (GLD) prices could reach the $300 price target by the end of 2024.
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“Gold prices are close to an upside breakout that sticks,” said Kamich. “A monthly close above $190 should precipitate further gains.” Kamich calculated gold’s price target that would come “in the $300 area,” this year in 2024.
That’s an uptick and return on investment (ROI) of approximately 60% from its current price of $189. Therefore, an investment of $10,000 could turn into $16,000 if the prediction turns out to be accurate.
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However, there is no guarantee that SPDR Gold Shares will spike 60% this year in 2024. The markets are subjected to risk and volatility that can cut both ways delivering losses to investors. It is advised to do thorough research before taking an entry position into SPDR gold at the moment.