Year-end and 2025 gold forecast: $3,000 and possibly beyond
By year-end the gold price is expected to trade in the $2,800.00 to $2,900.00 region and rise towards the $3,000.00 to $3,113.00 area in Q1 2025.
Gold price aims for $3,000.00 mark
The spot gold price has been in a strong bull market for the past two years, rising by nearly 70% from its September 2022 low to this week’s record $2,790.00 per troy ounce high, made close to the psychological $2,800.00 mark.
Even if a significant retracement lower were to be seen, the gold price will remain in long-term uptrend as long as the 2024 uptrend line at $2,550.00 underpins. Any such potential retracement lower would thus represent a buying opportunity, provided that no fall through the $2,278.00 late April low were to occur.
Spot gold price weekly chart
Support on the weekly chart can be spotted around the September peak at $2,685.00 and also at the early October $2,605.00 low.
Year-end gold price target
Upside targets above the minor psychological $2,800.00 level, between which and the $2,900.00 mark the gold price is expected to trade by year-end, come in around the psychological $3,000.00 mark. This level coincides with the 261.8% Fibonacci extension of the September 2022-to-May 2023 advance, projected higher from the October 2023 low, at $2,999.46. It is not expected to be reached before the first quarter (Q1) of 2025, though.
2025 gold forecast
The gold price is likely to trade around the $3,000.00 mark for several months as it represents a major psychological resistance levels as a round number for many investors.
Physical gold purchases by several central banks, and especially by China, are likely to continue until this threshold is reached. Were these purchases of gold bullion to continue beyond the $3,000.00 technical level, then $3,113.00 could be reached as well. It represents the 261.8% Fibonacci extension of the 1999 low to the September 2011 high, projected upwards from the December 2015 low.
In case of a continuation of the strong gold bull market occurring in 2025 and the above mentioned technical levels being surpassed, the next psychological $4,000.00 mark may also be considered as a possible upside target.
Gold price year end analysis
Thursday’s unexpected pullback from this week’s record high at $2,790.17 to $2,731.64, as some traders cashed in their profits ahead of Friday’s US non-farm payrolls (NFPs) release and next week’s US presidential election, provided some investors with another buying opportunity at lower levels.
Spot gold daily chart
Below $2,731.64 lies the 23 October low at $2,708.76. As long as this level underpins, the medium-term uptrend will remain intact.
Resistance above the 23 October high at $2,758.52 sits at this week’s all-time high at $2,790.17, a rise above which would engage the $2,800.00 mark and beyond.
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