Gold 2024 Technical Outlook Preview

This is an excerpt from our full Gold 2024 Outlook report, one of nine detailed reports about what to expect in the coming year. Click the banner at the bottom to download the full report.

Gold outlook 2024: Key levels to watch

Source: TradingView.com

The 2-year consolidative price action between 2021 and 2022 allowed gold’s long-term charts to work off their overbought conditions, which then encouraged the bulls to push the metal to two new record highs in 2023. Those breakouts were only for brief moments, however. The lack of a more significant follow-through suggests supply is strong, with larger institutional players happy to offer into retail-driven bids. Still, the multi-year bullish trend suggests gold is a market for dip-buyers. So, we will be looking for bullish ideas on any notable dips.

The next key support below $2000 is at around $1950, roughly corresponding with the rising 200-day average (not shown) and prior support. Below this area, $1900 is the next potential support area, followed by the 200-week average and the point of origin of October’s breakout around $1830-$1840. Meanwhile, the slopes of both the 50- and 200-week MAs are pointing higher, objectively telling us that the long-term trend is indeed bullish.

In terms of key resistance levels to watch, the post-covid high of $2075 that was hit in August 2020 is going to remain a pivotal zone for gold, as it has not been able to post a daily close above this level since. If and when it does, then the December 2023 high of $2146 will come into focus next. Beyond this record level, we will have to rely on tools such as Fibonacci extension levels to determine levels where profit-taking is likely to occur. With that in mind, the 127.2% extension level of the entire retracement from August 2020 high to the low point of September 2022, comes in at $2200. The 161.8% extension level is at just of $2360.

Therefore, my objective 2024 gold targets are at $2200 and $2360. Will it get to these targets? I wouldn’t bet against it, that’s for sure.

What are the major fundamental storylines for Gold traders to watch next year? How will the dollar play into gold's performance? See our full guide to explore these themes and more!