XAUUSD H4 UPSIDE MOVE
- Central bank gold purchases slowed, with net buying of 10 metric tons in May, down 56% from April. Major buyers included Poland, Turkey, and India, while Kazakhstan sold 11 tons.
- Physically backed gold ETFs saw their first inflows in a year in May, suggesting renewed investor interest. Saxo Bank forecasts gold to reach $2,500 per ounce by end-2024, driven by potential U.S. rate cuts in the second half of the year.
- June saw the third consecutive month of contraction in U.S. manufacturing, with factory input prices hitting a six-month low, indicating easing inflation. Market expectations for Fed rate cuts in September and December stand at 64%, which could support gold prices.
- Given the current economic indicators and market sentiment, the short-term outlook for gold remains Bearish and long term Bullish.
- The metal is expected to maintain its strength as long as it stays above the $2275 support level. Analysts forecast that gold could reach $2600 per ounce by year-end, driven by sustained demand, potential dovish signals from the Fed, and geopolitical uncertainties.
- Traders should monitor upcoming economic data and Fed communications to adjust their positions effectively.
- Physically backed gold ETFs saw their first inflows in a year in May, suggesting renewed investor interest. Saxo Bank forecasts gold to reach $2,500 per ounce by end-2024, driven by potential U.S. rate cuts in the second half of the year.
- June saw the third consecutive month of contraction in U.S. manufacturing, with factory input prices hitting a six-month low, indicating easing inflation. Market expectations for Fed rate cuts in September and December stand at 64%, which could support gold prices.
- Given the current economic indicators and market sentiment, the short-term outlook for gold remains Bearish and long term Bullish.
- The metal is expected to maintain its strength as long as it stays above the $2275 support level. Analysts forecast that gold could reach $2600 per ounce by year-end, driven by sustained demand, potential dovish signals from the Fed, and geopolitical uncertainties.
- Traders should monitor upcoming economic data and Fed communications to adjust their positions effectively.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.