Precious metals move sideways

Gold price today listed on Kitco at 1,957 USD/ounce, unchanged from early this morning.

World gold prices moved sideways this morning and have not been able to surpass $2,000/ounce as the market remains cautious.

Gainesville Coins precious metals expert Everett Millman told Kitco News that gold has been trading sideways long enough to prepare for a bigger move, possibly back to $1,880 or back up to around $2,000.

The Fed sent markets reeling after it paused interest rate hikes in June and promised two more rate hikes this year.

Markets are currently pricing in another rate hike in July. If that changes, gold would be well supported.

Gold price today June 19: Precious metal moves sideways - 1 — Gold price today is sideways.

According to a survey by the World Gold Council, one in four central banks plan to continue buying gold. They are buying in large quantities and gold will respond to the central banks' moves, Millman said.

Millman also said there is still a risk of a significant sell-off in the market, as that would be similar to what happened over the past two years when gold hit $2,000 an ounce. “ The next most likely direction for gold is to the downside ,” he said.

Markets are eyeing Powell's two-day testimony before the House and Senate next week.

Gold price movements today

+ Domestic gold price

At 6:30 a.m. on June 19, the gold price at Doji was listed at 66.45 - 67.05 million VND/tael (buy - sell), an increase of 50,000 VND/tael compared to the same time yesterday.

Meanwhile, gold price at SJC was listed at 66.5 - 67.1 million VND/tael (buy - sell), unchanged from yesterday afternoon.

The price of gold rings and jewelry of all kinds is traded around 53.65 - 55.9 million VND/tael.

+ International gold price

The world gold price listed on Kitco is at 1,957 USD/ounce, unchanged from early this morning. Gold futures last traded at 1,960 USD/ounce.

Gold Price Forecast

The weekly Kitco News gold survey shows that both Wall Street analysts and retail investors are bearish on gold as the market continues to digest the latest monetary policy decision from the U.S. Federal Reserve.

Accordingly, 42% are optimistic about gold in the coming time; 21% think the price will decrease this week; 38% predict the price will be flat. Meanwhile, 52% of retail investors expect the gold price to increase this week; 26% think the price will be lower; 21% are neutral about the gold price outlook.

From a technical perspective, senior market analyst Darin Newsom at Barchart believes that gold will continue to move sideways.

" The daily chart of August gold futures is showing a generally sideways pattern. With this, I expect August gold futures to remain between the recent high of $1,986/oz and the low of $1,953/oz ," he said.

Most experts remain cautiously optimistic. Michele Schneider, director of trading research and education at MarketGauge, said he remains bullish on gold because inflation remains a threat. James Stanley, senior market strategist at Forex.com, predicts gold prices will continue to rise.

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