Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2024

TL;DR

Gareth Soloway predicts that gold could break above resistance and reach roughly $2,530 to $2,540 in 2024. He cites repeated tests of the $2,080 level, higher lows, an inverse head-and-shoulders pattern, and a more dovish Federal Reserve. He also assesses silver, Bitcoin, uranium, recession risks, and potential gold support levels, offering several concrete forecasts worth examining in detail.

Transcript

I'm Charlotte McLoud with investingnews docomo Solway cheap Market strategist at verified investing.com thank you so much for joining me great to have you as always oh thank you Charlotte it's so good to be here thank you really good to be catching up with you and of course I think we have to start with gold so we're speaking at a pretty historic t... Read More

Key Insights

• 🙃 Gold is experiencing a real move and shows signs of breaking above the resistance level, potentially leading to a significant upside.
• 📈 Historical data and chart patterns, such as the resistance trend line and inverse head and shoulder pattern, support a bullish outlook for gold.
• 🏅 Potential buying opportunities for gold can be found at support levels around $1500 or $1685 if a pullback occurs.
• ☠️ The actions of the Federal Reserve, potential front-running of elections, and the need to manage significant debt contribute to a more dovish outlook and potential rate cuts in 2024.
• 💳 Rising inflation, layoffs, and increasing consumer credit card debt suggest the likelihood of a recession in 2024, though the severity remains uncertain.
• 🧑‍🏭 Bitcoin has outperformed gold and other assets, benefiting from factors such as spot ETF news and the upcoming halving event.
• 🛀 Silver shows potential for a breakout above $25.50, with a possible retest of the $30 level in 2024.
• 🧑‍🏭 Uranium's chart pattern indicates the potential for a breakout, with fundamental factors supporting its long-term outlook due to the increasing importance of nuclear energy in addressing climate change.

Questions & Answers

Q: What are Gareth Soloway’s price predictions for gold, silver, and Bitcoin in 2024?

Soloway projects a gold target of about $2,530 to $2,540 if its bullish pattern completes. He says silver could break above $25.50 and retest $30, while Bitcoin may continue benefiting from spot ETF news and the upcoming halving event.

Q: Why does Gareth Soloway believe gold’s move is real?

He points to gold repeatedly testing or briefly piercing the roughly $2,080 resistance level while continuing to form higher lows. In his analysis, repeated fourth or fifth tests tend to weaken a trend line and increase the likelihood of a breakout.

Q: How does the inverse head-and-shoulders pattern support Soloway’s gold target?

Soloway identifies an inverse head-and-shoulders formation, which he describes as one of the market’s most bullish patterns. He measures approximately $457 from the pattern’s head to its neckline and adds roughly $450 after a confirmed breakout, producing a target near $2,530 to $2,540.

Q: Where could gold offer buying opportunities during a pullback?

Soloway identifies potential long-term support around $1,500 and a secondary support level near $1,685. He emphasizes that nothing moves straight up, so these areas could become buying opportunities if gold experiences a substantial pullback.

Q: How could Federal Reserve policy affect gold in 2024?

Soloway expects the Federal Reserve to become more dovish, with three cuts discussed while the market priced in five or six cuts. He believes pressure to lower rates, including the need to manage significant debt, supports the case for an official gold breakout.

Q: Does Gareth Soloway expect a recession in 2024?

He believes a recession is likely in 2024, although he says its severity remains uncertain. His view is based on layoffs, rising inflation, and increasing consumer credit card debt.

Q: What is Gareth Soloway’s outlook for silver in 2024?

Soloway sees potential for silver to break above $25.50. If that breakout occurs, he believes silver could retest the $30 level during 2024.

Q: What is Gareth Soloway’s outlook for uranium?

He says uranium’s chart pattern indicates the potential for a breakout. He also sees fundamental long-term support because nuclear energy is becoming increasingly important in efforts to address climate change.

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.