Gold price forecast today trend and trading signals 2024

Gold Stock Signals

Gold price forecasts price trend 2024

Gold price forecasts today analysis and trading signals in the short and long term using the technique of American economist William Delbert Gann.

Gold price chart with technical framework

Gold price forecast today
Weekly Gold 15.02.24

Gold price forecasts weekly time frame

With the expiration of the time cycle in the weeks of Oct. 13-20, the Gold market resumed a new positive price phase.

From the ascending 1X8 angular support and octave static support at $1,810, prices of the yellow metal generated two broad bullish movements.

In the first movement Gold reached octave static resistance at $2,009 at the end of last October (visible with blue horizontal line).

In the second movement, initiated during the expiration of the Minimum Square in the week of November 24, 2023, Gold yields began to self-correct again and prices reached a new all-time high.

From $1,928.10, Gold reached a top at $2,047.91 in the week of Dec. 08, 2023, on ascending 1X4 and 1X16 dynamic resistance.

Both the week of 08 and the week of Dec. 15 coincided with important dynamic set ups, as we have commented in previous articles.

During this period we were able to observe that the weekly dynamics of Gold underwent an important shift, as it changed from bullish to negative sideways.

In fact, quotations alternated between two static octave price levels outlined in the picture above by two horizontal lines in light blue color.

The levels are between $2,069 and $2,012.

This seesaw period lasted until the February 16, 2024 Time Signal.

This week Gold broke downward from the trading range of previous weeks, thus indicating the emergence of a new short-term downward movement.

Supports are located at $1,970; $1,956.

If prices go above $2,037 then the negativity will be completely reabsorbed and a new upward push would be created:

Resistances in the area of $2.010-2013$; $2.025.

Gold trend and monthly trend

2024 gold trend with Gann's technique
2024 gold trend with Gann’s technique

As can be seen from the slide just above, Gold’s bullish momentum is developing within an ascending corridor consisting of the yellow ascending Zero and 1X2 angles.

The last two movements based on that corridor were made in November 2022 and October 2023.

With the expiration of the Minimum Square of October 2023, we witnessed the formation of a bullish out-side that pushed Gold prices in the following two months to reach the middle area of the channel.

In particular, last December prices reached a top at $2,146.79 on the ascending 1X2 vector visible in yellow color and 1X8 in blue color.

The next time signals will expire in February and April 2024.

During this February time cycle we are observing to a return to price weakness.

For quotations below $1,963 in fact the trend returns to the downside, but the dynamic supports are in the area very close to the breakout, i.e., $1,953-$1,933, while the base of the corridor is at $1,920-$1,885.

Resistances in the $2,021-$30 area.

Long-term Gold Technical Analysis

Gold technical analysis using Gann cycles
Gold quarterly 15.02.24

The long-term trend is also evolving within a bullish channel, although it has not been fully represented in the picture just above.

In particular, we can see that the highs of the third quarter of 2016 were centered by the ascending Zero 1X2 angular resistances.

These vectors also affected the subsequent quarters of September 2029 and March 2020 and resulted in the third quarter 2022 and fourth quarter 2023 lows.

The current Q1 2024 descent therefore will have precisely these price-time ratios in the area of $1,950; $1,867 as supports.

Despite the current negative retracement of this first quarter 2024 the long-term trend remains positive.

The technical article on Gold market trend analysis was described through the theory of economist WD Gann and through the use of Top Trader(c) stock market software.

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