AI forecasts the price of gold for July 1 2024
Gold has been making headlines lately due to its significant price increase and its brief achievement of a new all-time high above $2,400 in May. This surge in the world’s largest commodity can be attributed to several factors, including increased demand in China, economic uncertainty in the US, and global geopolitical fears.
Experts in the commodity market believe that gold has the potential to reach an unprecedented price of $3,000 by the end of the year. However, the short-term performance of gold remains uncertain. It is worth noting that the use of gold in artificial intelligence hardware may also contribute to its price.
To gain insights into the future performance of gold, Finbold consulted several prominent artificial intelligence platforms. The first platform, PricePredictions, specializes in offering predictions for asset prices, particularly cryptocurrencies. According to their algorithms, Tether Gold (XAUt) is expected to experience a substantial climb and reach a new all-time high of $2,520 by July 1.
On the other hand, OpenAI’s ChatGPT, another major AI platform, was less optimistic. It concluded that although gold has shown significant strength in recent months, it is unlikely to break out of its current range in the next 10 days. ChatGPT-4o set its price target for gold at $2,365 per ounce.
Microsoft’s Copilot, in its ‘balanced’ mode, provided an even more conservative estimate. It predicted that the commodity’s price on July 1 would be similar to its current price, with a slight drop to $2,340.
Lastly, Google’s AI offering, Gemini, also leaned towards a conservative prediction. It estimated that gold would experience a mild drop to $2,327 by July 1, 2024.
Regardless of which AI prediction proves to be the most accurate, it is likely that gold will remain within its current range for the foreseeable future. Before making any significant moves, it would need to break out of its support and resistance levels, which are currently at 2286.61 and 2433.84, respectively.
