Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2024 | Summary and Q&A

31.3K views
December 18, 2023
by
Investing News
YouTube video player
Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2024

TL;DR

The analyst believes gold is experiencing a real move and predicts it will break above the resistance level, potentially reaching a target price of $2530 to $2540 by 2024. The analyst also discusses the potential downside for gold and the influence of macro events such as the Federal Reserve's actions and potential recession in 2024.

Install to Summarize YouTube Videos and Get Transcripts

Questions & Answers

Q: What factors support the analyst's prediction of a breakout for gold?

The analyst points to the resistance trend line, an inverse head and shoulder pattern, and historical data showing that when a trend line is hit multiple times, it tends to break. These factors suggest a potential breakout for gold.

Q: What are the potential buying opportunities for gold if it pulls back?

The analyst suggests looking at the longer-term chart and identifying support levels, such as around $1500 or $1685. These levels could provide buying opportunities if gold were to pull back.

Q: How do macro events, such as the actions of the Federal Reserve, influence gold?

The analyst believes that the Federal Reserve will likely be more dovish in 2024, possibly due to front-running the elections and pressure to lower interest rates to manage the significant amount of debt. These factors could further support gold's breakout.

Q: What is the analyst's outlook for a potential recession in 2024?

The analyst maintains the view that a recession is likely in 2024, though the severity remains uncertain. Factors such as layoffs, increasing consumer credit card debt, and rising inflation contribute to this belief.

Summary & Key Takeaways

  • Gold is experiencing a significant move, and the analyst predicts it will break above the resistance level and potentially reach a target price of $2530 to $2540 by 2024.

  • The analyst highlights the presence of a resistance trend line and an inverse head and shoulder pattern, both indicating a bullish outlook for gold.

  • In terms of downside potential, the analyst suggests potential buying opportunities if gold were to pull back to the support levels around $1500 or $1685.

Share This Summary 📚

Summarize YouTube Videos and Get Video Transcripts with 1-Click

Download browser extensions on:

Explore More Summaries from Investing News 📚

Summarize YouTube Videos and Get Video Transcripts with 1-Click

Download browser extensions on: