Gold

Gold gained 27.23% in 2024, the strongest yearly gain since 2010. But the prior episode led to a significant top in 2011 as gold prices then went nine years without a fresh ATH.

Gold defended support for a sixth week with the January opening-range taking shape just above. Battle lines drawn on the XAU/USD weekly technical chart.

It was a banner year for gold prices which are currently showing a 26% gain for 2024 – but it was the 40% rally from February into October that dominated the narrative for gold prices this year.

Gold’s relentless 2024 rally has defied strong dollar headwinds and rising yields, smashing records and flipping traditional relationships on their head. Is it still a safe haven, or has the game changed for good?

See a technical preview of our 2025 Gold Outlook!

See a fundamental preview of our 2025 Gold Outlook!

The metal’s struggles highlight growing expectations that the US Federal Reserve will maintain a more hawkish tone in its upcoming decision. The near-term gold forecast is starting to tilt to the downside ever so slightly.

Not only are traders increasingly long the US dollar, they are also piling into short EUR/USD bets. And that could pave the way for a sub-parity euro next year.

Gold prices have shown a 6% growth since November, reaching the $2,700 per troy ounce level once again.

The price of gold pushes above the opening range for December as it carves a series of higher highs and lows.

A shift in Beijing’s monetary strategy provided a boost to Chinese stocks and rippled through global markets, lifting commodity prices, including gold. Add geopolitical tensions from the Middle East to Europe, and it’s clear why safe-haven assets like gold saw a recovery. The week ahead, however, brings high-stakes events like interest rate decisions from major central banks and key US inflation data, all set to influence the gold forecast.

GBPUSD, Gold Analysis: As we approach the final central bank decisions for 2024 from the Fed, BOJ, and BOE, major reforms in the Middle East are adding layers of volatility to the US Dollar and haven assets ahead of the holidays.

Gold prices (XAU/USD) have been range-bound recently, following a pullback from record highs in late October. This decline ended a nine-month winning streak, with November closing in the red. Some investors anticipate a more significant correction before re-entering the market, leading to a cautious short-term gold outlook.

Gold prices were on fire earlier in the year and then took a step back after the Presidential election. But for the past two weeks gold markets have been in a consistent range-bound backdrop.

The price of gold may give back the advance from the November low ($2537) as it struggles to trade back above the 50-Day SMA ($2668).

Gold prices are trading just 5% off the record high with the December range taking shape above uptrend support. Battle lines drawn on the XAU/USD weekly technical chart.

After falling a big 3% last Monday, gold has been trading in tight ranges since, holding mostly within that day’s range. In other words, it hasn’t fallen any further, although it has also made little upside progress.