Gold Price Surge: Aiming for $2,320 High

By Daniel M.

April 4, 2024   •   Fact checked by Dumb Little Man

Gold’s Meteoric Rise Continues Unabated

Gold has consistently established new all-time highs, most recently attaining $2,299, and is currently focused on the $2,320 target, which signifies its extraordinary ascent.

Source: Chart by TradingView via FXEmpire

Indicating a significant symmetry in its development, this move is a component of a larger ABCD pattern that began with a swing low in October. There are no indications that the gold rally is losing steam, despite having arrived at a potentially pivotal juncture.

Next Milestones: Beyond $2,320

Gold intends to reach $2,320 as it surpasses $2,298; this objective is the result of a falling wedge pattern that was just recently broken. 

In addition to natural gas price fluctuations and the 50-day moving average trend, this rally may mirror the steep increase observed after the breakout of a symmetrical triangle consolidation

Gold has effectively broken through a 3.5-year sideways trading pattern, as evidenced by the breach of a multi-year base. This suggests the presence of strong bullish momentum.

Higher Projections and Market Outlook

Gold sets its sights on $2,354 beyond $2,320, which corresponds to a 150% extension from the high correction of 2011, with the ultimate objective of $2,457—a Fibonacci extension of 161.8%. 

Potential higher plateaus are indicated by the fact that these levels signify the pinnacle of gold’s ascension after its recovery from an extended period of atonement.

Record Highs Amid Bullish Momentum

Indicated by geopolitical tensions and anticipation of rate cuts by the US Federal Reserve, gold’s recent apex of $2,313.50 highlights its robust upward trajectory.

Anticipated further ascent is this bullish trajectory, which is bolstered by central bank operations and geopolitical instability.

Fed Rate Cuts: A Catalyst for Gold

The possibility of a Federal Reserve rate cut later this year is a huge positive factor for gold. 

With the Fed hinting at a pivot due to the unsustainable cost of financing federal debt, a rate cut appears unavoidable, which has historically boosted gold prices.

Despite Fed Chair Jerome Powell’s cautious tone, the possibility of rate reduction in 2024 remains high, supporting gold’s recent gain

Anticipating a Turnaround in Gold Stocks

Despite gold’s high prices, there is a significant divergence with gold equities, creating a unique investment opportunity. Experts believe that the upcoming Fed rate decrease will spark a surge in undervalued gold equities, marking an ideal time for strategic entry into the market.


Technical patterns, market sentiment, and macroeconomic factors have all contributed to gold’s current rise. As it approaches and exceeds $2,320, the anticipation of Federal Reserve operations is critical to maintaining its surge

For traders, the potential in gold equities during this bullish run is a big opportunity, assuming they position themselves ahead of the Fed’s policy pivot. 

Gold’s future appears good, with expert estimates pointing to even higher targets as part of an ongoing bullish market that has the potential to redefine investor expectations for the precious metal.

Daniel M.

Daniel Moore is a seasoned trading analyst with over 20 years of experience navigating the ever-evolving financial landscape. Renowned for his unconventional yet effective approach, Daniel utilizes a blend of technical and fundamental analysis to identify hidden gems and craft winning trade strategies. He is a master at demystifying complex market data and translating it into actionable insights for traders of all experience levels.

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