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The technical aspect of Gold confirms a breakout! The space for a significant drop in gold prices has opened up. Well-known Institutions' intraday Gold Trade analysis.
In the late trading of Wednesday in Asia, spot Gold remained mostly stable, with gold prices currently around $2645 per ounce. According to Economies.com, gold prices have fallen below a minor Resistance, opening up space for further declines in gold prices in the future.
Shares of Precious Metals Stocks Are Trading Lower Amid a Drop in Gold Prices Following US Economic Data.
Heraeus: Silver is expected to reach 40 dollars next year, and its performance is likely to surpass Gold once again!
Analyst at Heraeus pointed out that the value of Silver relative to Gold is still at a historical low, and in the later stages of a bull market, Silver often performs better than Gold.
MetalsFocus: It is expected that gold prices will hit historic highs in the coming months, which will drive silver prices higher.
MetalsFocus released the Precious Metals monthly report for December 2024.
Goldman Sachs: Even with a strong dollar, Gold will still be strong, and central banks will buy more.
Goldman Sachs believes that the West looks at the Federal Reserve, expecting a rate cut of 125 basis points by the end of next year will boost Gold prices by 7%; the East looks at central banks, where a strong dollar will not stop central banks from purchasing Gold, with expectations that by the end of 2025, central bank purchases will increase Gold prices by 9%.
The gold price has once again broken through 2700 dollars during the session! Wall Street is bullish, and will the Gold ETF likely take off accordingly?
Recently, Morgan Stanley released the 2025 Commodity Outlook report, stating that Gold remains the "best choice" for hedging uncertainties, expecting the price to rise to $3000 per ounce next year, with an average of $2950 per ounce by the fourth quarter.