Investors predict that the Fed will keep interest rates steady in the range of 5.25-5.5% until 2024. In this context, interest in precious metals will be less.
While there is still a lot of optimism that gold could recover later this year, analysts are warning that a lot of short-term technical damage has occurred and the precious metal is likely to fall further next week. This.
Alex Kuptsikevich, senior market analyst at FxPro, said that gold prices may be on track to retreat to 1,800 USD/ounce as the precious metal has only had 3 rallies throughout August.
If there is no strong rally above $1,905 an ounce this week, confidence that a downtrend in gold has been established will increase, Kuptsikevich said. In this case, the $1,800-1,810 USD/ounce range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.
Marc Chandler, CEO of Bannockburn Global Forex, said that gold appears to be looking for a bottom and this week's price action could be crucial.
XAUUSD 1890-1892🕯
✅ TP1: 1884
✅ TP2: 1882
⚠️ SL: 1884
While there is still a lot of optimism that gold could recover later this year, analysts are warning that a lot of short-term technical damage has occurred and the precious metal is likely to fall further next week. This.
Alex Kuptsikevich, senior market analyst at FxPro, said that gold prices may be on track to retreat to 1,800 USD/ounce as the precious metal has only had 3 rallies throughout August.
If there is no strong rally above $1,905 an ounce this week, confidence that a downtrend in gold has been established will increase, Kuptsikevich said. In this case, the $1,800-1,810 USD/ounce range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.
Marc Chandler, CEO of Bannockburn Global Forex, said that gold appears to be looking for a bottom and this week's price action could be crucial.
XAUUSD 1890-1892🕯
✅ TP1: 1884
✅ TP2: 1882
⚠️ SL: 1884
