XAUUSD H4 UPSIDE MOVE
- Central bank gold purchases slowed, with net buying of 10 metric tons in May, down 56% from April. Major buyers included Poland, Turkey, and India, while Kazakhstan sold 11 tons.
- Physically backed gold ETFs saw their first inflows in a year in May, suggesting renewed investor interest. Saxo Bank forecasts gold to reach $2,500 per ounce by end-2024, driven by potential U.S. rate cuts in the second half of the year.
- June saw the third consecutive month of contraction in U.S. manufacturing, with factory input prices hitting a six-month low, indicating easing inflation. Market expectations for Fed rate cuts in September and December stand at 64%, which could support gold prices.
- Given the current economic indicators and market sentiment, the short-term outlook for gold remains Bearish and long term Bullish.
- The metal is expected to maintain its strength as long as it stays above the $2275 support level. Analysts forecast that gold could reach $2600 per ounce by year-end, driven by sustained demand, potential dovish signals from the Fed, and geopolitical uncertainties.
- Traders should monitor upcoming economic data and Fed communications to adjust their positions effectively.
- Physically backed gold ETFs saw their first inflows in a year in May, suggesting renewed investor interest. Saxo Bank forecasts gold to reach $2,500 per ounce by end-2024, driven by potential U.S. rate cuts in the second half of the year.
- June saw the third consecutive month of contraction in U.S. manufacturing, with factory input prices hitting a six-month low, indicating easing inflation. Market expectations for Fed rate cuts in September and December stand at 64%, which could support gold prices.
- Given the current economic indicators and market sentiment, the short-term outlook for gold remains Bearish and long term Bullish.
- The metal is expected to maintain its strength as long as it stays above the $2275 support level. Analysts forecast that gold could reach $2600 per ounce by year-end, driven by sustained demand, potential dovish signals from the Fed, and geopolitical uncertainties.
- Traders should monitor upcoming economic data and Fed communications to adjust their positions effectively.
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