Market News:
Deutsche Bank research analyst Michael Hsueh stated in a report that “the Fed’s repricing, coupled with strong US macroeconomic data, is the main reason for the decline in gold prices.” The bank has lowered its third-quarter gold price forecast to $4,300 per ounce, a reduction of more than one-fifth from its previous forecast, and adjusted its forecast for the last three months of the year to $4,800 per ounce.
Similar adjustments were made by Goldman Sachs. Last week, the institution lowered its year-end gold price forecast by $500 to $4,900 per ounce, citing its assessment that the Fed will not cut interest rates this year.
Technical Analysis:
Today’s Buy/Sell Threshold:
161.52
Support and Resistance Levels:
161.98
161.81
161.70
161.34
161.22
161.05
Trading Strategy:
If the price breaks above 161.70, consider buying with a first target price of 161.81.
If the price breaks below 161.52, consider selling with a first target price of 161.34.