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What Does the Gold Price Have in Store for 2024?

29 December 2023 09:39
ASX: OAU
Gold

The price of gold continued to climb following the Christmas break, reaching its three-week high near $2,088 per troy ounce yesterday, before settling at $2065.50 USD/oz. The last minute surge leaves financial analysts contemplating what the commodity has in store for 2024.

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Figure 1: Gold Price chart. Source: Market Insider

Gold has had a tumultuous year, impacted by geopolitical tensions, inflation, interest rates, market sentiment, wavering supply and growing demand.

Zain Vawda, an analyst at DailyFX, posited from a technical perspective, gold is looking bullish for the commencement of 2024, but a lack of liquidity and volume could hamper a break of the $2080/oz resistance level.

Vawda said geopolitical tensions will likely remain the key driver of price for the rest of the week and is the only thing, in his opinion, that could push price above the $2080/oz area.

However, others outline improved risk appetite from investors, gained from potential rate cuts in the first quarter of 2024, will drive up gold prices.

Investing Haven predicts gold may near near $2,200 in 2024, citing factors such as the prevailing strength of the US Dollar, lower yields, and the ostensibly ‘bullish’ positioning of gold’s Commitments of Traders.

Although the future for the gold price is uncertain, Zain Vawda said that there are some key levels investors should keep their eyes on in 2024 in the wake of volatility.

Resistance Levels:

Support Levels:

$2080.00 USD/oz

$2100.00 USD/oz

$2143.40 USD/oz

$2058.00 USD/oz

$2050.00 USD/oz

$2030.00 USD/oz

Some gold stocks we are keeping our eye on at The Market Bull in 2024 include:

Spartan Resources (ASX:SPR)

Spartan Resources is a gold exploration and development company with a market capitalisation of $505.65 million.

It’s core assets are located in Western Australia with its flagship, the Dalgaranga Gold Project, located in the Murchison Region.

The high-grade Never Never Deposit, located within the Project, is arguably one of Australia’s most exciting new gold discoveries, with a Mineral Resource of 721,200oz (3.83Mt @ 5.85g/t Au).

The Company has experienced rapid growth in 2023, recording 340% increase in its year-to-year gains, marked by high-grade intercepts up to 35.47 grams per tonne (g/t) gold over 9.44 metres.

SPR’s Australian Stock Exchange-listed share price is currently trading at $0.52 (8.30am UTC+ 8 hours).

GascoyneResources Web

Figure 2: Spartan Resources Dalgaranga Gold Project

Ora Gold (ASX:OAU)

Ora Gold is a junior gold explorer with a market capitalisation of $36.98 million, also with assets located in Western Australia.

The Company’s Garden Gully Project continues to ‘strike gold’, notably within the Crown Prince Prospect, with its latest drilling campaign in October yielding high-grade gold intercepts.

The recent phase of Reverse Circulation (RC) and Diamond Drilling (DD) at the Crown Prince South Eastern Ore Body builds upon previously reported intersections, recording results such as 1 metre at 69.3g/t Au from a depth of 226 metres.

OAU’s Australian Stock Exchange-listed share price is currently trading at $0.006 (8.40am UTC+ 8 hours).

De Grey Mining (ASX:DEG)

Transitioning from the junior sector, De Grey Mining emerges as a significant large-cap exploration entity also based in Western Australia, specialising in gold exploration and project development.

The Company boasts a substantial market capitalisation of $2.32 billion.

Its primary focus lies in the Hemi Gold Project, situated in the Pilbara region of Western Australia, which encompasses a sizeable, high-value gold discovery near the surface.

The Hemi discovery, with a mineral resource of 9.5 million ounces showcases openness in multiple directions, contributing to an impressive cumulative Mineral Resource Estimate of 11.7 million ounces.

DEG’s Australian Stock Exchange-listed share price is currently trading at $1.227 (8.40am UTC+ 8 hours).

De Grey Mining 200820 049

Figure 3: De Grey’s Hemi Gold Project

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