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.
Recommended Articles
The NZD has failed to breach 0.5980 resistance against the USD, but downside attempts remain limited so far.
Oracle’s stock reversed a two-day 11% decline, surging over 3% as the company is seen as a key player in enabling TikTok to continue operating in the U.S.
The US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
Statistics Canada will publish August’s inflation figures on Tuesday.
The USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
Related Instrument
