The latest Kitco News survey shows that Wall Street analysts expressed cautious views on gold prices this week.
Adrian Day, president of Adrian Day Asset Management, believes that gold prices will move sideways in the short term. However, information related to the possibility of the US Federal Reserve (Fed) starting a cycle of interest rate cuts can cause gold to increase.
Currently, investors are paying attention to the upcoming core personal consumption expenditure index (PCE). This is the index used as the Fed's preferred measure of inflation.
According to CME's FedWatch tool, more than 90% of the market thinks the Fed's interest rate cut is likely to happen later this summer.
Darin Newsom, senior market analyst at Barchart, said that gold prices will continue to decline. According to this expert, through the weekly price chart, gold is still in a downtrend in the medium term. Last week, gold prices fell, ending a streak of 3 consecutive weeks of increases, which is completely consistent with the usual technical pattern.
Adrian Day, president of Adrian Day Asset Management, believes that gold prices will move sideways in the short term. However, information related to the possibility of the US Federal Reserve (Fed) starting a cycle of interest rate cuts can cause gold to increase.
Currently, investors are paying attention to the upcoming core personal consumption expenditure index (PCE). This is the index used as the Fed's preferred measure of inflation.
According to CME's FedWatch tool, more than 90% of the market thinks the Fed's interest rate cut is likely to happen later this summer.
Darin Newsom, senior market analyst at Barchart, said that gold prices will continue to decline. According to this expert, through the weekly price chart, gold is still in a downtrend in the medium term. Last week, gold prices fell, ending a streak of 3 consecutive weeks of increases, which is completely consistent with the usual technical pattern.
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