Today's crypto average is moving in the green zone, Bitcoin is up 2.09%, Ethereum is up 1.67%, and Solana is up 1.87%.
Even though it has increased, the average price is still within the range. Bitcoin at $70k, Ethereum at $3568, Solana at $189.
The Fear and Greed Index is at 81, meaning the market is Extreme Greed. In general, on average, crypto is still in a consolidation phase.
Elsewhere, Gold soared high past the $2200 level. Gold price set a new record at $2236. This is the all-time high price for gold to date.
As predicted by BullionpostByPost, gold will set a new all-time high in 2024. Factors driving gold prices in 2024 include inflation and interest rates, dollar strength, and geopolitical concerns remain the main issues that investors must monitor.
The US interest rate is still an important issue for gold. If interest rates need to be raised higher than expected, this could provide further headwinds for gold and push prices down. If prices peak but remain at high levels for most of 2024, this would maintain current gold prices. If the Fed is forced to start lowering interest rates then this will push the dollar down and gold up.
On the other hand, if big central banks such as the Bank of England and European Central Banks also play an indirect role in gold prices, their policy of increasing interest rates could affect domestic prices and reduce the price of gold.
Other factors such as a recession can also affect gold prices, and worse economic conditions can encourage investors to choose safe havens, including gold.
Geopolitical concerns are also an important issue in gold, especially in developed countries such as Russia, China, and BRICS, which can influence the price of gold.
Gold price prediction
Gold price at the time of writing is $2233 on Gold chart FXOpen at Tradingview. Gold price set an all-time high of $2236.20.
After consolidating above the psychological level of $2150, gold prices finally jumped yesterday and formed a long body bullish candlestick. However, gold prices are very volatile, a sharp increase may result in a rebound.
ON Daily timeframe gold prices successfully broke the upper band line, a strong bullish indication, leaving the $2150 level which has been solid support for several weeks.
Citing to Bullionbypost, here are some predictions for gold in 2024
- ABN Amro - $2,000
- AG Thorson for FX Empire – Target of $3,000
- Natixis - $1,920 average
- UBS - $2,250
- BMI - $1,850
- Trading Economics - $2,016
- Commerzbank - $2,050