2023-12-05 15:21:00
Investing.com – Despite a decline over the past few hours from the record level it reached yesterday, reaching a new historical peak represents an important event in the yellow metal market that provides more clues regarding the upcoming movement, as one expert believes that the commodity may rise further in the future. Year 2024.
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Spot prices on Monday hit a new record high of US$2,135 per ounce before falling once more. During these moments of today’s trading, it is trading at the level of $2016 per ounce.
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Bart Melek, global head of commodities strategy at TD Securities, has a technical deficiency in his model gold portfolio, but believes gold might hover around $2,100 in the second quarter of 2024.
He told Bloomberg in a television interview: “Given the fluctuations we see in the market over the past few hours, if we expect gold to reach the $2,100 level, it may jump much higher than that level.”
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But this upward movement may be interspersed with some downside, as Melik warned that following gold reaches this record level, it might fall to the US$1,950 level before rising once more. This is what happened relatively during the past few hours, as spot contracts reached the level of $2,135 per ounce during yesterday’s trading, but they fell to the level of $2,016 per ounce now due to profit-taking operations.
Milik explained that buying exhaustion is now hitting the precious metals markets following gold reached a record level. He sees prices falling in the short term, but expects a rise to $2,100 and perhaps more early next year.
Bart Melek expects gold prices to average $2,100 per ounce in the second quarter of 2024, as strong central bank purchases act as a major catalyst in boosting prices.
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“Despite the fact that we are approaching the Fed’s monetary policy shift, it may be too early to see these prices sustainable… This market is getting a little tired,” said Bart Melek, head of commodity strategies at TD Securities.
Adding: “We will need more stimulus, and it will come in the form of weak economic data.”
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