Monthly Gold 18.01.24

Gold price forecasts today, analysis, and buying signals for 2024

Gold predictions, trend analysis, and trading signals using the WD Gann technique

Gold price chart with technical analysis for January 2024

Short-term Gold Predictions

With the bullish break of the Set Up Weekly on September 29, 2023, a period where significant cyclical deadlines converged, the Gold market in the week of October 13 indicated the exhaustion of the corrective phase.

Indeed, subsequent temporal signals related to October 20-27 further confirmed Gold’s positive momentum, reaching a level of $2,009.

Following resistance in that area, metal prices experienced a partial retracement. However, with the expiration of the Minimum Square on November 24, the price trend resumed its upward trajectory.

From the low of $1,928, Gold prices reached a new all-time high at $2,146.79 in the week of December 8, 2023.

The last weekly signals expired on December 8, 2023, and January 12, 2024.

In the first case, although prices initially reached a new high, they subsequently configured a bearish outside move.

In the second case, we witnessed a bearish break confirmed even during the following week of January 19.

Therefore, the short-term trend remains laterally negative with upcoming angular supports in the $2,000; $1,982; $1,967-$1,955 range.

Only a return above $2,067 will establish a new upward phase: resistances at $2,032; $2,069.

Gold Monthly Performance 2024

As clearly visible in the photo just above, the evolution of the medium-term trend is well defined by the ascending corridor formed by the Zero 1X2 angles radiated in yellow.

From the low of $1,617 in November 2022 identified by the Zero angle and the negative angle, the quotes of the yellow metal reached the median vectors of the channel in May 2023 with a peak at $2,081.82.

Although Gold reached a new relative high, in May of this year, it configured a bearish outside move on the previous monthly Set Up in April.

The denial of this signal produced a new downward movement, bringing the value of the metal back to the base of the channel in October 2023.

From a peak in May at $2,081.82, the derivative of the metal reached a low at $1,810.58.

With the expiration of the new Minimum Square in October 2023 and on the value of the price/time of the lower vector of the corridor, the Gold market started to rise again, reaching a new high of $2,146.79 in December.

January 2024 coincides with a new significant signal.

For prices above $2,156, the yellow metal will confirm the medium-term bullish trend: next resistances in the $2,158; $2,220 area.

While for prices below $1,963, the negative lateral movement will be confirmed, with initial supports in the $1,938 area.

Long-term Gold Price Technical Analysis

Differently from the short term, the Gold trend in the long term is bullish.

In this timeframe as well, we can observe a partial upward channel and the points of contact between the quotes and the price/time ratio of the vectors that constitute the bullish channel.

Especially in the third quarter of 2022 and the fourth quarter of 2023.

In the first case, we witnessed the end of the correction related to the first bullish movement between December 2015 and September 2020.

In the second case, we are observing the resumption of the positive trend after the correction in the second and third quarters of 2023.

Currently, the market is at the price/time of the 1X1 angle around $2,000.

Next resistances $2,170; $2,325.

Supports in the $1,960 range.

The technical framework of Gold prices was drafted using the WD Gann technique with the assistance of the Top Trader(c) stock market software