This week, the international gold price remained stable, fluctuating between 1,937 USD/oz to 1,972 USD/oz and ultimately closing at 1,960 USD/oz. Over the past several months, central banks have been significant supporters of gold prices, with record-high levels of purchasing.
The gold market's future remains dependent on the actions of the US Federal Reserve (FED), with predictions indicating that gold prices may increase when the Fed stops its current monetary tightening cycle. The Fed is expected to maintain interest rates at 5.25% during its upcoming meeting (June 13-14). If the Fed stops raising interest rates, gold prices are likely to be positively impacted.
However, investors remain cautious that a hawkish message from the Fed may indicate its intention to continue raising interest rates in future sessions. This lack of support for gold prices may lead to investors taking profits after the Fed's decision to stop raising interest rates. Technically, looking at the ptkt chart on the H4 time frame, we can see that the gold price is currently moving sideways in the range from 1938-1980.