Gold is trading in a consolidation range above the $2,000 psychological resistance. The market is focused on the Federal Reserve’s interest rate cut schedule. That’s why the shiny, non-interest-bearing metal is struggling to find upward momentum. Interest rates, geopolitical tensions, etc. Data and events are decisive on the price movement of gold. This increases uncertainty. In this uncertain environment, we asked artificial intelligence for a gold price prediction for the end of 2024.
Artificial intelligence predicts the price for the end of the year
Grok, in particular, stands out among other artificial intelligence models with its real-time scanning capacity. It also provides more up-to-date information. Grok AI says the most likely price of gold at the end of 2024 will be between $2,100 and $2,400. In this context, artificial intelligence answers our question as follows:
Based on information provided by various sources, the most likely price range for gold at the end of 2024 is between $2,100 and $2,400. Factors contributing to this range include recession potential, US dollar performance, and geopolitical tensions.
Maximum price prediction for gold
By the way, we also asked Grok about the maximum price gold can get in 2024. Artificial intelligence predicts an annual level of $2,800 for the world’s leading commodity as a bullish scenario. In this regard, artificial intelligence makes the following statement:
The maximum gold price forecast for 2024 is around $2,800. This forecast is based on the potential for a strong recovery in the global economy, rising demand from central banks and a weakening US dollar. But this is a more optimistic estimate. Therefore, it may not be as likely as the price range in the first estimate.
Minimum price prediction for gold
On the other hand, it is also possible for gold to drop to $1,800. This would sink the commodity below its current range, reflecting a bearish scenario for the precious metal. Artificial intelligence shares the following evaluation for this:
The minimum gold price estimate for 2024 is around $1,800. This forecast is based on a stronger US dollar, lower inflation and the possibility of a less severe recession. However, this is a more pessimistic forecast. Therefore, it may not be as likely as the price range stated in the initial estimate.
Gold price performance and technical outlook
Meanwhile, gold was trading at $2,024 at the time of writing. Therefore, it sits just below the middle of a range that has lasted since November 2023. The technical resistance of this range is $2,077 and the support is $2,006. cryptokoin.comAs you follow from , the shiny metal rose to $2,146 in December. However, it also saw a decrease to $1,973. Gold, in particular, could see gains of 3.75% to 18.5% in the most likely forecast by Grok AI. Reaching the maximum would mean an increase of 38%, while falling to the minimum would mean a loss of 11%.
However, it should be noted that the artificial intelligence model is prone to errors. Therefore, investors should be cautious. The price of gold is affected by macro and microeconomics. As a result, it is possible that investing in gold currently provides an attractive risk-reward opportunity. Moreover, this investment has valuable features such as solid economic protection.
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