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Gold Price to Surpass $2050 as No Downward Corrections in Sight

Amid positive sentiments from the Federal Reserve regarding interest rate cuts, the gold price is set to surpass $2050, with experts expecting no downward correction in sight. Indeed, the metal has seen increased volatility since its all-time high in early December. However, it could be poised for a continued upswing into the new year.

Currently, the gold price is trading at $2038, up more than 0.5% over the last 24 hours. However, some forecasters believe the asset could reach last week’s high of $2048. Subsequently, it is set to face a key resistance level at that price, with support emerging at $2027.

Gold Price Approaching $2050 With No Reverse Correction Impending

The entire gold market has seen massive developments this month, despite growing instability in price. Indeed, on December 4th, the asset reached a new all-time high of $2150. Moreover, the metal had not reached similar levels since 2020, marking a massive return to form.

Yet, the price quickly retreated, falling back below the $2100 mark. However, since then, it has been slowly crawling back. Although there is no expectation of a bullish breakout, the gold price is set to surpass $2050 with no downward correction in sight. Ultimately, this leads to what should be an overall positive end to 2023.