The gold trend is steadily decreasing according to the trendline
Gold trades near a six-month low after the minutes of the central bank's July monetary policy meeting were drawn up. The minutes showed that the US Federal Reserve (Fed) still maintained a "hawkish" view on monetary policy and to oppose other options to raise interest rates due to high pressure to use.
Gold price trend forecast, despite short-term selling pressure, said analysts at Australia-based ANZ Bank maintain a bullish medium to long-term outlook for gold. precious metal. Daniel Hynes, senior commodity strategist at ANZ, said that while he cannot rule out a drop below $1,900 an ounce, he sees solid signs of support in the market.
While ANZ remains bullish on gold, the lackluster environment has now prompted the bank to proceed with its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to reach a new high by the end of the first quarter of 2024, with prices averaging around $2,100 an ounce.
Gold price trend forecast, despite short-term selling pressure, said analysts at Australia-based ANZ Bank maintain a bullish medium to long-term outlook for gold. precious metal. Daniel Hynes, senior commodity strategist at ANZ, said that while he cannot rule out a drop below $1,900 an ounce, he sees solid signs of support in the market.
While ANZ remains bullish on gold, the lackluster environment has now prompted the bank to proceed with its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to reach a new high by the end of the first quarter of 2024, with prices averaging around $2,100 an ounce.
✅ TP1: 1900
✅ TP2: 1892
🛑 SL: 1912