Daily Gold Price Forecast for October 17, 2024
Gold prices have reached the mid-term target of $2,670, signaling the end of a correction phase. Bullish traders now hold the power to continue pushing prices to new highs. However, they must not falter in this effort.
Resistance Levels for Gold Prices:
- $2,685
- $2,710
- $2,770
Support Levels for Gold Prices:
- $2,623
- $2,600
- $2,531
Market Recap
In early August, gold began a strong upward trend, following several attempts to break above the $2,540 target. This surge culminated in a new all-time high of $2,685 at the end of September. A brief correction took place, concluding at the crucial support level of $2,600, before a new rise commenced. Currently, gold is attempting to sustainably surpass the $2,670 target.
Based on the upward movement since October 10, gold may form a new peak around $2,710. At this level, significant counter-movements could initiate a volatile sideways phase. If prices break downward, we could see declines below $2,650, potentially dropping to $2,600 and later to $2,531.
Conversely, a strong move above $2,710 could extend the bullish wave, pushing prices towards $2,740 and $2,770. However, this could trigger another sell-off towards $2,650.
For a sustained medium-term rally towards approximately $3,050, gold would need to surpass the next major target of $2,830.
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