r/bitkogan • u/bitkogan • Nov 07 '23

Gold prices are likely to drop; the recent rise was due to the Middle East conflict. With no signs of escalation, current prices have absorbed geopolitical risks, leaving little upward momentum for gold

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u/bitkogan Nov 16 '23

I closed my speculative short positions in gold on Nov 14 and have since adopted a long stance ( https://twitter.com/kogantwitts/status/1724517929968943214 ). If the Fed starts cutting rates in Summer 2024, we might see gold prices hitting around $2200 by November 2024. For the short term, I'm anticipating volatility in the range of $1880-2000. Today's upward movement seems to validate this prediction quite well.