Lately, the prices of gold have been experiencing intense fluctuations and downfalls. The current price of the yellow metal stands at $2,394, indicating that the metal has recovered slightly at press time. However, with the market turnover and volatility in the space, gold is under pressure to perform at its best. Let’s explore how high gold can rise in August 2024.
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Gold Price: A New Price Peak Pointed Out By Analyst
Analysts on X have always been quite active in tracking and reporting on the recent development of gold. Rashad Hajiyev, a notable financial analyst, has created a new price path for gold. Per Hajiyev, the declining value of gold may soon peak, as the metal seems to be facing slight market turmoil. The analyst shared how gold may peak soon, crossing the coveted price barriers of $2,650 and $2,675.
At the same time, the FOMC minutes meeting has also been scheduled to be held in the last week of July. Per Hajiyev, the price of gold may stabilize post-meeting, as anticipation buildup could yet again favor the yellow metal dream.
The analyst keenly pointed out how metals tend to fall when FOMCs are scheduled. Post-meetings, notable stabilizing elements have been noted in the prices of gold and silver. Hence, the development may bode well for the yellow metal.
“The past 2 weeks were pretty harsh for metals. It looks like metals are going to bottom towards FOMC next week. Usually, when gold and silver decline into FOMC, it starts a recovery post-meeting.”
Gold XAU Price Forecast: August 2024
For the next set of months, the analyst predicts gold to hit a price pedestal of $2,600. The technical platform, however, expects gold to stabilize at around $2,350.
However, per JP Morgan, gold can easily spike and cross the price level of $2,500 by the end of 2024.
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“Gold XAU prices are expected to climb to $2,500/oz by the end of 2024, according to J.P. Morgan Research estimates. This prediction assumes a Fed cutting cycle commencing in November 2024, pushing gold prices to new nominal highs.”