Reported 11 months ago
Fubon Futures analyst Cao Fukai mentions that as of 4:10 PM on June 26, 2024, the gold price is still above the half-year line and continues to fluctuate at high levels. While short-term outlook indicates that the recent rise in the U.S. dollar is unfavorable for gold prices, in the long term, gold prices remain inversely related to real interest rates, suggesting a long-term upward trend amid the beginning of interest rate cuts cycle. Investors without positions may consider waiting for a pullback near the half-year line to hold a small amount of long positions. Technically, gold price fell significantly last Friday but managed to hold the uptrend line since June 7; a consolidation here could lead to further upward movement, while breaking below could signal a bearish trend. Internationally, US manufacturing PMI exceeded expectations at 51.7 while Eurozone and Japan PMIs fell, indicating relative strength in the US economy supporting the US dollar and hindering gold's bullish trend continuation.
Source: YAHOO