Gold has been fluctuating in a consolidation range against the U.S. Dollar (USD) above the $2,000 psychological resistance. Seeking financial insights, Finbold consulted Grok, an artificial intelligence (AI) model developed by xAI, an Elon Musk’s company.
Grok is distinguished for its real-time scanning capabilities on X (formerly Twitter), providing up-to-date information. Its logical and unbiased algorithm offers valuable insights, such as identifying the ideal cryptocurrency for payments on X.
Predictions for Gold’s price range by the end of 2024 are between $2,100 and $2,400 per ounce, according to Grok AI. Factors contributing to this range include the potential for a recession, the performance of the US dollar, and geopolitical tensions.
In a bullish scenario, Grok AI sees Gold trading at a yearly high of $2,800 per ounce in 2024. Conversely, a bearish outlook suggests the price could drop to as low as $1,800 per ounce.
At present, Gold is trading at $2,024, slightly below the middle of the range that has been in place since November 2023. The range has technical resistance at $2,077 and support at $2,006 per ounce. Notably, Gold could see gains of 3.75% to 18.5% in the most likely forecast by Grok AI. A run to its maximum would mean a surge of 38%, while a drop to the minimum would mean a loss of 11%.
However, it is crucial for investors to remain cautious, considering that the artificial intelligence model is susceptible to mistakes. Gold’s price is influenced by various macro and microeconomic factors, such as the mineral’s available supply on Earth.
In conclusion, investing in Gold presents an appealing risk-reward opportunity at this time, and it also serves as a valuable economic hedge. Additional insight could be gathered by analyzing current market trends, geopolitical events, and the overall performance of the global economy to make more informed investment decisions.
