Negative forecast for gold prices.

Financial experts on Wall Street have shifted to a cautious stance, predicting that precious metals may continue to face downward pressure next week.

Global gold prices are still not receiving positive forecasts for next week. Photo: Reuters .

Gold prices continued to experience a volatile week as safe-haven sentiment amid geopolitical tensions in the Middle East weakened, giving way to selling pressure following a hawkish message from the US Federal Reserve (Fed).

Gold prices lose upward momentum.

At the start of the trading week, spot gold prices were pegged at $4,210 per ounce and quickly rose as investors poured money in amid escalating tensions between the US and Iran, along with concerns about potential disruptions to shipping through the Strait of Hormuz.

During the first two trading sessions of the week, gold prices consistently remained above the $4,300 /ounce mark as the market monitored developments in the Middle East while awaiting the Federal Reserve's monetary policy decision.

The rally peaked on Wednesday when spot gold prices surged to $4,382 per ounce, the highest level of the week, just minutes before the Fed announced its interest rate decision. However, this trend quickly reversed after the US central bank kept interest rates unchanged, while signaling the possibility of raising rates later in the year.

The hawkish message from the Fed boosted the US dollar and US Treasury yields, thereby reducing the attractiveness of gold. Selling pressure continued to increase on Thursday following news that the US and Iran had reached a preliminary agreement to end the conflict and reopen traffic through the Strait of Hormuz. Spot gold prices fell below $4,250 per ounce and hit a weekly low of $4,201 per ounce before the US market closed for the Juneteenth holiday on Friday.

Kitco News ' latest gold survey shows that among the 10 experts surveyed, only 1 (10%) predicted that gold prices would rise next week; while 7 analysts (70%) believed gold prices would continue to fall; and the remaining 2 (20%) predicted the precious metal would remain stable.

Notably, investors maintained a positive sentiment. An online poll of 46 participants showed that 25 (54%) predicted gold prices would rise next week; 16 (35%) believed prices would fall, while the remaining 5 (11%) expected the market to remain stable.

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GOLD PRICE FORECAST FOR NEXT WEEK
Source: Kitco News.
Label		Price increase	Constant	Discount
Wall Street expert	%	10	20	70
Retail investors		54	11	35

Pessimistic sentiment prevails in the gold market.

Next week, investors will focus their attention on a series of key US economic data releases, including first-quarter GDP figures, the PCE inflation index – the Fed's preferred measure of inflation – and indicators reflecting the health of the manufacturing and services sectors in June.

On Tuesday, the S&P Global Purchasing Managers' Index (PMI) will be released. On Wednesday, the market will monitor the May new home sales report. On Thursday, weekly jobless claims and May orders data will be released. The University of Michigan's June consumer sentiment index report will be released on Friday.

Forecasting gold prices for next week, Nicky Shiels, Head of Precious Metals Research and Strategy at MKS PAMP, believes that new signals from the Fed do not favor the gold market.

According to her, the recent recovery in gold prices from the $4,000 /ounce range may be tactical rather than marking a long-term uptrend. She noted that until the Fed announces the results of its policy review in about six weeks and the market has more clear information about its direction, investors should view the Fed's current statements as more "hawkish" than previously expected.

"The message from the Fed suggests that this is a time to be cautious and prioritize taking profits rather than chasing short-term price rallies," she commented.

Sharing this view, Alex Kuptsikevich, senior market analyst at FxPro, predicts that gold prices may continue to face downward pressure next week.

According to him, the upward momentum from signs of easing tensions between the US and Iran is gradually weakening, while the Fed's hawkish stance has boosted demand for holding the US dollar. From a technical perspective, many signals indicate that a downward trend is more dominant.

He believes that the $4,000 /ounce mark will act as a crucial psychological support level for the gold market. If the price breaks through this level, selling pressure could increase significantly. Conversely, if this price range continues to hold, bottom-buying opportunities will still emerge and support the market.

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"I wouldn't be surprised if gold prices return to test the $4,000 /ounce mark next week," he said.

Source: https://znews.vn/du-bao-xau-voi-gia-vang-post1661685.html