The gold market remains well supported by two major price zones: $ 2910.32– $ 2895.29 and $ 2864.26 – $ 2843.43. In addition, the 50-day advancing average at $ 2,822.97 has confirmed the intervening uptrend since the beginning of January. The presence of this technical support suggests that DIPs are met with buying interest, so that Bullish Momentum remains intact.
Tarief uncertainty and inflation data support the Gold Rally
The question from investors for gold remains strong because the concern about American trade policy and the inflation trends persist. President Donald Trump’s rate policy, including new tasks on Chinese goods and potential levies on Canada and Mexico, has confused the world markets. Methering measures from China and Canada have also fueled the uncertainty, causing a safe haven to flow into gold.
In the meantime, the inflation data that was released on Wednesday showed cooling prices for consumer prices, which strengthens expectations that the Federal Reserve can start reducing rates later this year. Historically, lower interest rates lower the opportunity costs of keeping non-return assets such as gold, making the attraction.
Macquarie increases the prediction of the golden price to $ 3,150
Analysts at Macquarie have increased their gold price forecast to $ 3,150 per ounce for the third quarter, with a potential peak of one point of $ 3,500 later in the year. The sofa has also adjusted its silver prospects higher, with reference to the dual role of the metal as an investment active and industrial raw material.
Market forecast: Bullish Momentum is considering Gold Eyes Highs up
Gold remains in a strong upward trend, supported by technical purchases, safe port demand and expectations of relaxing Fed. If the American inflation data continues to signal, the printing price can print, rate-cut bets can get further traction, in support of Gold’s next attempt above $ 2,956.31. However, a hotter-Dan expected producer Price Index (PPI) report later today can cause a short-term withdrawal. For now, the bullish bias remains intact, with important support levels that will probably limit the downward risks.
More information in our economic calendar.