Gold Predicted to Reach US$3,600, Time to Collect First?
The decline in the gold price this morning follows a significant recent price rally. Profit-taking by investors—particularly retail investors—has added short-term selling pressure on gold. However, expectations that the Fed will cut interest rates in the coming months are expected to fuel buying interest in gold. Falling bond yields have made non-yielding gold increasingly competitive. Some analysts even predict gold prices could potentially reach US$4,000 per troy ounce before the end of this year.
Furthermore, geopolitical uncertainty and global fiscal policy risks have driven investors to seek safe havens. Demand for gold has solidified, supported by aggressive buying by central banks and a surge in fund flows into large gold ETFs like the SPDR Gold Trust, which recorded its highest holdings since 2022. (mrv)
The gold price at the time of writing was $3,542/Toz.
- Buy if the price moves within $3,547
- Sell if the price moves within $3,537
Resistance 2: $3,573
Resistance 1: $3,552
Support 1: $3,536
Support 2: $3,527
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
