Gold Price Forecast: XAU/USD pull-back looks likely without fresh supporting fundamentals in Q2 – ANZ
Source Fxstreet
Gold (XAU/USD) has risen above $2,200. Economists at ANZ Bank analyze the yellow metal’s outlook.
The timing and pace of the easing cycle will be crucial
Increasing geopolitical risks come to the fore to favour haven demand.
The market is ignoring expectations around the Fed’s easing of monetary policy and remains more focused on rate cuts occurring in the second half of 2024. We expect cuts to begin in July.
We remain positive on the price, but a pull-back looks likely without fresh supporting fundamentals in Q2. Our year-end price target is still $2,300.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The USD/JPY pair attracts some buyers during the Asian session on Monday and climbs back above the 153.00 mark following the disappointing release of Japan's Q4 GDP report.
Gold (XAU/USD) attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels.
Silver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
Gold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
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