Precious Metals 2024 Outlook: Gold Eyes $2400, Silver Could Soar to $30
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For last year’s gold and silver outlook, I wrote,
“Perhaps our biggest callout for a major rally in 2023 is in gold.”
Here we are over $2000 and although gold has not doubled in price, it did rise by 25%.
For 2024, we stay with our call for higher gold prices. I am looking for a move to $2400 provided gold continues to hold $1980.
That statement was from December 1.
Adding to that statement:
Trends for 2024: gold and silver start their last hurrah
The look of the daily charts in both gold and silver show even more potential in silver for the coming year.
GLD-SLV-Daily Chart
Gold has hit resistance and remains an underperformer to SPY.
Gold sits still at the highs like a quiet blanket of safety.
Silver has yet to hit resistance.
If it can take out 23.40, we see no reason why $27-30 is not attainable.
ETF Summary
- S&P 500 (SPY) 480 all-time highs 465 underlying support
- Russell 2000 (IWM) 200 pivotal and 194 support
- Dow (DIA) Needs to hold 370
- Nasdaq (QQQ) 410 resistance with support at 395
- Regional banks (KRE) 47 support 55 resistance
- Semiconductors (SMH) 174 pivotal support to hold this month
- Transportation (IYT) Needs to hold 250
- Biotechnology (IBB) 130 pivotal support
- Retail (XRT) The longer this stays over 70.00 the better!
