XAU price forecast after a week of spikes

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold just posted a massive rally of over 2% last week. Experts predict less dramatic price movements in the coming days, given the sharp and sudden movements in gold prices over the past month.
Daniel Pavilonis, senior commodity broker at RJO Futures, said he expects gold to continue to consolidate for an extended period of time as geopolitical risks reduce buying pressure. "It's very likely that we won't see any further rate hikes. There could be some rate cuts by next May, but I don't think that will happen. I think the fluctuations in gold prices will be moderate for a while. ”

“Gold prices continue to react to economic indicators, but there is no clear direction for the precious metal. If inflation statistics remain weak and interest rates do not fall, gold will struggle to move higher. I have not seen any other motive other than geopolitics,” expert Pavilonis further analyzed.
Looking at gold prices over the long term, analysts say that despite buying into safe-haven assets amid concerns about geopolitical tensions that helped push gold prices back towards $2,000. remains bullish on precious metals. /oz, is gradually disappearing. Many say expectations for interest rate changes as inflation subsides, the need to buy gold from central banks, and concerns about a near-term recession will provide solid support for gold. .
This week, the US Federal Reserve will release the minutes of its last monetary policy meeting. But experts say the gold market is no longer focused on this moment as investors focus on the timing of a rate cut.
BUY XAU 1981 - 1984

TP1: 1992
TP2: 2004

SL: 1971

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