Scary Gold Price Drop! Gareth Soloway Drops BOMBSHELL Predictions for Gold & Silver Prices

Scary Gold Price Drop! Gareth Soloway Drops BOMBSHELL Predictions for Gold & Silver Prices

Gold prices fell 0.85% on Thursday, trading at 2,626 dollars as investors digested the latest US jobless claims data ahead of November’s Nonfarm Payrolls report. The decline was driven by a rise in US Treasury bond yields, which reduced the appeal of the non-yielding metal.
On Wednesday, gold remained relatively stable, fluctuating within a narrow range between resistance at 2,663.51 and 2,693.40 dollars and support levels at 2,629.13 to 2,607.35 dollars. This movement reflected market indecision, with prices staying below the key 50-day moving average of 2,668.65 dollars, highlighting the absence of a clear directional trend.
Market analyst Gareth Soloway views gold’s recent weakness as part of a broader technical correction in an overbought market. He predicts a potential decline to 2,550 dollars or lower in early 2025. However, he emphasizes that this pullback does not alter the long-term bullish outlook for gold. Soloway points to longer-term logarithmic trend lines, suggesting the possibility of gold reaching 4,000 to 5,000 dollars an ounce in the years ahead. While these projections are not immediate, they reinforce the metal's appeal as a valuable long-term investment.
Macroeconomic factors also continue to play a significant role in gold’s performance. Federal Reserve Chair Jerome Powell recently highlighted the resilience of the U.S. economy, dampening expectations for aggressive rate cuts. Despite this, the CME Group’s FedWatch Tool indicates a 74% probability of a 25-basis-point rate cut at the Fed’s December meeting. Lower interest rates have historically supported gold prices by increasing their relative attractiveness compared to yield-bearing assets.
Gold's trajectory reflects the ongoing interplay of technical adjustments and macroeconomic dynamics. While short-term volatility may persist, the broader outlook remains optimistic, with analysts expecting prices to rebound to 3,000 dollars an ounce within the next two years.
The silver market shows upward pressure, with the 31.50 dollar level emerging as a key resistance point. This barrier has been challenging to break, but the current momentum suggests the potential for a breakout. Should silver surge beyond this level, it could trigger a wave of buying interest fueled by fear of missing out.
While silver’s precious metal status often ties it to gold, its industrial applications add another layer of complexity to its market behavior. This dual role means silver’s performance is also influenced by broader economic factors, such as the upcoming Nonfarm Payrolls report, which could impact industrial demand expectations.
Despite recent signs of strength, market analyst Gareth Soloway cautions that silver has experienced sharper percentage declines than gold and remains vulnerable to bearish technical patterns. He projects a potential dip to 28 dollars per ounce in the near term, driven by economic uncertainties and recession risks. However, silver's long-term outlook remains positive, with inflationary pressures likely to bolster prices over time.

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