Precious metals are trading sideways.

Today's gold price, as listed on Kitco, is $1,957 per ounce, unchanged from early yesterday morning.

World gold prices remained stable this morning and were unable to surpass $2,000 per ounce as the market remained cautious.

Everett Millman, a precious metals expert at Gainesville Coins, told Kitco News that gold has traded sideways long enough to prepare for a larger move, potentially back to $1,880 or rising back to around $2,000.

The Fed sent markets into turmoil after pausing interest rate hikes in June, along with a promise of two more rate increases this year.

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

Gold price today, June 19th: The precious metal remains stable - 1 — Gold prices remained unchanged today.

Millman said that, according to a survey by the World Gold Council, one in four central banks intends to continue buying gold. They are buying in large quantities, and gold will react to the central banks' actions.

Millman also noted that there is still a risk of a significant sell-off in the market, as this would correspond to what happened over the past two years when gold reached $2,000 per ounce. He said, " The next most likely course of action for gold is a downtrend ."

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

Gold price movements today

+ Domestic gold prices

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

Meanwhile, the price of gold at SJC is listed at 66.5 - 67.1 million VND/ounce (buy - sell), unchanged compared to yesterday afternoon.

The price of gold rings and other types of jewelry is trading around 53.65 - 55.9 million VND per tael.

+ International gold prices

World gold prices listed on Kitco are at $1,957 per ounce, unchanged from early yesterday morning. Gold futures last traded at $1,960 per ounce.

Gold price forecast

Kitco News' weekly gold survey shows that both Wall Street analysts and retail investors are not very confident in gold as the market continues to scrutinize the latest monetary policy decision from the U.S. Federal Reserve.

Accordingly, 42% are optimistic about gold in the near future; 21% believe prices will fall this week; and 38% predict prices will remain stable. Meanwhile, 52% of retail investors expect gold prices to rise this week; 26% believe prices will be lower; and 21% are neutral on the gold price outlook.

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

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

Most experts remain cautiously optimistic. MarketGauge's Director of Research and Trading Training, Michele Schneider, said he remains optimistic about gold because inflation remains a threat. Meanwhile, senior market strategist James Stanley at Forex.com predicts gold prices will continue to rise.

Ngoc Vy

Beneficial
Emotion
Creative
Unique

Source