Huge Gold News from Russia & China! Something BIG Is Happening With Gold Prices – Gary Wagner

Huge Gold News from Russia & China! Something BIG Is Happening With Gold Prices – Gary Wagner

According to JP Morgan Research estimates, gold prices will peak at 2,300 dollars in 2025. This prediction assumes a Fed cutting cycle initially delivering 125 basis points of cuts over the second half of 2024, pushing gold prices to new nominal highs.
In this video, Gary Wagner, the editor of The Gold Forecast.com, employs Fibonacci extension techniques to predict gold market highs, expecting values to surpass 2200 dollars soon. If history is anything to go by, then Gold’s record-breaking performance seen last year could be a taster of what is yet to come in 2024. That’s welcoming news for the bulls, but painful for anyone sitting on the sidelines, who must now decide how much FOMO they can handle.
Wagner’s gold expectations hinged on the performance of the US dollar, which has recently declined by 5% against other currencies. Meanwhile, he emphasizes geopolitical concerns and points out the Fed’s actions as a bullish trend in the gold market this year. Gold drifted higher on Friday, buoyed by a weaker US dollar. However, it was set to log its biggest weekly decline in six after the Federal Reserve countered wider market expectations of an early interest rate cut.
According to Wagner, BRICS is challenging the US dollar, citing an Iran-Russia oil deal. He further suggests their influence, especially from China and Russia, could impact gold prices. A new report says that Russia and Iran have entered into an agreement to avoid using the dollar in bilateral trade, relying instead on their own currencies.
Central banks particularly made record purchases of Gold in 2022 and 2023, especially after the Ukraine war broke out when Russia and China started accumulating Gold as part of a hedging (de-dollarisation) strategy. Overall, there was a 100% increase in gold accumulation by the world’s central banks in 2022 and 2023.
During the interview, Gary Wagner observed silver’s range-bound movement with a short-term ceiling at 26 dollars, contrasting it with Gold’s October rally, which reached a new high of 2150 dollars. He highlighted a potential decoupling as silver’s momentum didn’t align with Gold’s. Silver spent the whole year 2023 in the 20-26 dollars range. Silver was moving inside a triangle and did not have a real trend as Treasury yields were rising until October, which was bearish for precious metals.
The recent rally was stopped at the high end of the triangle, so silver needs to climb above the 26-dollar level to have a chance to develop sustainable upside momentum.

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I think that gold uh is going to go to a new all-time price high on a closing basis right now the Bell to beat is uh 20093 what I believe will happen at some point this year is not only will it move back above 2100 on a closing basis but

Then form a base trade sideways or a higher ground but actually I’m looking for the pivot when 2100 is the new 2000 meaning there is a strong support for that and when you consider where gold has come from even recently at the 1800s we’ve seen a tremendous move and I think

That there in terms of investment opportunities is incredible investment opportunities in the precious metals this year according to JP Morgan research estimates gold prices will Peak at $2,300 in 2025 this prediction assumes a Fed cutting cycle initially delivering 125 basis points of cuts over the second

Half of 2024 pushing gold prices to new nominal highs in this video Gary Wagner the editor of the gold forecast.com employs Fibonacci extension techniques to predict gold market highs expecting values to surpass $2,200 soon if history is anything to go by then Gold’s record-breaking performance seen

Last year could be a taster of what is yet to come in 2024 that’s welcoming news for the Bulls but painful for anyone sitting on the sidelines who must now decide how much fomo they can handle Wagner’s gold expectations hinged on the performance of the US dollar which has recently

Declined by 5% against other currencies meanwhile he emphasizes geopolitical concerns and points out the fed’s actions as a bullish Trend in the gold market this year gold drifted higher on Friday boyed by a weaker US dollar however it was set to log its biggest weekly decline in six after the Federal

Reserve countered wider Market expectations of an early interest rate cut according to Wagner brics is challenging the US dollar citing an Iran Russia oil deal he further suggests their influence especially from China and Russia could impact gold prices a new report says that Russia and Iran have entered into an agreement to avoid

Using the dollar in bilateral trade relying instead on their own currencies central banks particularly made record purchases of gold in 2022 and 2023 especially after the Ukraine war broke out when Russia and China started accumulating gold as part of a hedging d dollarization strategy overall there was

A 100% increase in gold accumulation by the world’s central banks in 2022 and 2023 now we present the clips of Gary Wagner’s insights from his recent interview with Sor financially before we continue to delve into this discussion please subscribe to our Channel and activate the Bell icon for timely

Updates as you can see I’ve got I I’ve done a couple of things with uh what’s called Fibonacci extension because whenever we’re trying to forecast high that haven’t shown up yet we as a technician we can’t go back and look at historically where it is but we do have

This one high this comes in above 2150 I’ve drawn channel line so to speak from these series of lows and these closes here and here I believe that gold could trade as high as $2,200 2250 per ounce this year is that sustainable well history has shown that

Any large Spike and even if you go back to the middle of 2011 where for the first time in history gold broke above $920 or above 1900 to an intraday high of about 1920 well how long did that last I believe it was about a day you know it came down very

Sharply what we saw last year was any move to about 2000 and above was a signal to short-term traders to short the market bring back bring it back down that’s not going to change anytime we see gold make a new high uh we’re going to see that get challenged it just

That’s how that market tends to work it’s how most markets tend to work but I think that right now what I would look for is 2093 now we’re sitting at at time of this recording at about 2060 so it’s not a really big stretch to go well it go back to

20090 the thing is we’ve got I’m talk what I like to look at is will it do that on a closing basis and so on a closing basis I see the challenge being first moving up um above 2100 and then 2150 which is where that one Spike came

In and if that’s going to be sustainable so I think that we’ve got a solid floor at 2,000 all things being equal um I think that we could see it Spike much higher and I’m expecting it to spike Higher One based upon the dollar uh because the dollar was exceedingly strong last year

Moving from uh the lows below uh uh 102 103 up to 107 and now that’s not the highest we’ve seen it in recent history we’ve seen it at 114 but it moved from 107 back down it’s at 102 and that that’s a that’s a 5% decline in the value of the

Dollar as it pertains to the currencies it trades against in terms of what we’ve seen this year I don’t believe it has been all geopolitics but I think that the the tension on two fronts Middle East as well as Russia and Ukraine have not been going away and I

Think that that’s that’s the scary wild card but let’s leave that for the last thing I think the first thing is going to be Federal Reserve action because as they bring down interest rates that creates bullish momentum bullish undertones for gold but at the same time inflation going down creates bearish

Undertone so there’s kind of a push pull there but I think overall it’s going to create bullish undertones the other thing is whether or not the the bricks countries who are trying to use their currencies and kind of not to stabilize the dollar but take it off of its throne

Is the central currency that the world transacts business with and um when you look at that and oil that is being challenged right now there was a agreement signed by Iran and Russia that they would do their trading of oil in their local currencies and I think that if brics gets a strong

Foothold with the countries that are there and more countries and they’ve got you know some very large countries including China and Russia that could challenge the dollar as the dominant world currency if that happens we could see the dollar lose value as it relates to other currencies and so that’s one

Thing that we want to uh look at because that will have an influence on the price gold the second thing is Federal Reserve and we kind of touched on that and the third thing is geopolitics during the interview Gary Wagner observed Silver’s range-bound movement with a short-term ceiling at

$26 contrasting it with Gold’s October rally which reached a new high of $2,150 he highlighted a potential decoupling as Silver’s momentum didn’t align with Golds silver spent the whole year 2023 in the 20 to $26 range silver was moving inside a triangle and did not have a real Trend as treasury yields

Were Rising until October which was bearish for precious metals the recent rally was stopped at the high end of the triangle so silver needs to climb above the $26 level to have a chance to develop sustainable upside momentum moreover he emphasizes the fed’s stance on interest rates in sustaining gold

Prices let’s get back to the interview it it did move much higher it moved as anticipated but it was not sustainable and so the question really becomes why wasn’t it sustainable and why do we have gold at that area and higher now and seems to be sustainable and I think the

The basic answer to that is that the undertones that are moving gold higher now did not fully exist then on a couple of areas secondly seven months ago when you would ask the Federal Reserve when are you going to cut rates when are we going to see um interest rates go down

They would say we’re not even talking about that and of course in December Powell said that we’ve discussed that and we’re planning on on cutting rates over the next three years 34 of a percent 2024 and so on so those are the key differences and the geopolitical

Landscape is different and so it’s the fact that historically speaking the big price moves have been followed by rapid declines and so when you look at the first big large price move it moved for multiple years up to 1900 I mean we’re talking a 10 12 year period once it got there

It broke down and then for a year and a half to two years I believe it traded between 1,800 on the high and about, 1550 on the low and it kind of bounced back and forth and then it broke through that that break took it to the lows uh

This was February 2015 of 1,020 and I remember that month and that date because that’s when George Soros started buying a lot of it and I said that’s telling me maybe it’s time to get back in that is yeah what we’re looking at it is just a

Silver chart and to the the point that I want to illustrate is whereas we’ve seen gold on a slow and methodical climb when it would hit a new high it would come down but it would trade to a higher low although we’re seeing that in

Silver one thing that we have all of us have noticed that that follow silver is that silver made a high of about $50 when gold traded to above, 1900 but since then on all these subsequent new price highs in Gold we didn’t get that follow-through in silver and so

Silver ceiling has been $30 rather than $50 and so that’s a a question that has been a quandry it’s been a difficult um question to to explain rationally volume is good but it’s still seems as though silver is range bound there’s a ceiling right now shortterm at 2 $6 so when gold

Again when gold spiked up because these are occurring at the same dates this is uh if we look at it um this is October the low so I call it the October rally this is the spike that we saw uh when gold hit 2150 and the high that we got in silver

Was 26 so we got a new all-time high in Gold intraday wasn’t on a closing basis we also the the day before that got a new all-time closing price that’s what’s important to me uh 2093 but when you look at Silver it didn’t really have that kind of momentum

That we saw in Gold that’s what tells me that when we want to look at the the gold and silver ratio I think that gold is going to overtake the performance although on any given day um you can have silver move up strategic rically and aggressively but this the

Same thing occurs when it comes down but the key is is the the levels are different and so as many analysts have said and we’ve all noted there’s been a decoupling between the tandem moves in gold and silver silver is much more sensitive to us equities to Global

Equities because of its high level of usage in industry and Technology gold most recently has been most sensitive as a safe haven asset we saw decline last year going to a couple of lows based on the fact that there was over optimism with the Federal Reserve and the data wasn’t supporting it and

Comments by fed officials weren’t but ultimately I believe that it will it will widen in favor of gold along with Central Bank interest increased investor appetite in the physical gold market should also significantly contribute to any 2024 gold rally what factors do you believe will be the most influential in

Shaping the trajectory of the gold market in the coming years share your thoughts in the comment section below if you find this video informative don’t forget to support our Channel and turn on notifications to stay informed about our latest videos see you in the next video that