While the gold project is expected to continue to be chased at current prices in March, Commerzbank thinks the precious metal will end the year with strong gains as the July yield surge popularizes. This will be the last rate hike by the US Central Bank in this tightening cycle.
The bank forecasts prices will return to $2,000 an ounce by the end of the year as recession fears begin to mount.
Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break through.
According to analysts, the gold market remains very sensitive to the outlook for interest rates of the US Federal Reserve (Fed). It is too early to predict a rally in gold prices after rising more than $30 in the last week.
The Fed is still planning to raise rates at least twice this year, with a 96% chance that the Fed will raise rates by 25 percentage points by the end of this month.
Meanwhile, the next interest rate hike has not been determined by how many percentage points. For that reason, investors are still cautious about gold in the short term.
XAUUSD SELL LIMIT 1962 - 1964 💯💯
✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1972
The bank forecasts prices will return to $2,000 an ounce by the end of the year as recession fears begin to mount.
Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break through.
According to analysts, the gold market remains very sensitive to the outlook for interest rates of the US Federal Reserve (Fed). It is too early to predict a rally in gold prices after rising more than $30 in the last week.
The Fed is still planning to raise rates at least twice this year, with a 96% chance that the Fed will raise rates by 25 percentage points by the end of this month.
Meanwhile, the next interest rate hike has not been determined by how many percentage points. For that reason, investors are still cautious about gold in the short term.
XAUUSD SELL LIMIT 1962 - 1964 💯💯
✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1972
