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Precious Metals 2024 Outlook: Gold Eyes $2400, Silver Could Soar to $30

Published 12/26/2023, 01:58 AM

For last year’s gold and silver outlook, I wrote,

“Perhaps our biggest callout for a major rally in 2023 is in gold.”

Here we are over $2000 and although gold has not doubled in price, it did rise by 25%.

For 2024, we stay with our call for higher gold prices. I am looking for a move to $2400 provided gold continues to hold $1980. 

That statement was from December 1.

Adding to that statement:

Trends for 2024: gold and silver start their last hurrah

The look of the daily charts in both gold and silver show even more potential in silver for the coming year.

GLD-SLV-Daily Chart

Gold has hit resistance and remains an underperformer to SPY.

Gold sits still at the highs like a quiet blanket of safety.

Silver has yet to hit resistance.

If it can take out 23.40, we see no reason why $27-30 is not attainable.

ETF Summary

  • S&P 500 (SPY) 480 all-time highs 465 underlying support
  • Russell 2000 (IWM) 200 pivotal and 194 support
  • Dow (DIA)  Needs to hold 370
  • Nasdaq (QQQ) 410 resistance with support at 395
  • Regional banks (KRE) 47 support 55 resistance
  • Semiconductors (SMH) 174 pivotal support to hold this month
  • Transportation (IYT) Needs to hold 250
  • Biotechnology (IBB) 130 pivotal support
  • Retail (XRT) The longer this stays over 70.00 the better!

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