The prices of Gold (XAU/USD) They peaked at the beginning of the year, but have lost momentum since then. There is a divergence in driving factors and strong traditional relationships have broken down. ABN AMRO analysts are cautious about the outlook for gold prices and maintain their forecast at $2,000 per ounce for December 2024.
Gold loses bullish momentum
“Gold prices this year were supported by: investors buying the yellow metal in futures markets and in other ways; central banks building gold reserves; technical outlook. The rally has lost momentum from the high of $2,450 that was established on May 20, 2024. Prices are already below the 50-day moving average (50-DMA).”
“The important support zone is $2,220-$2,275, where the previous highs and lows overlap. Below that level, the next support zone is $2,115, where the 200-day moving average (200-DMA) comes in. If prices fall below the 200-DMA, the long-term trend turns negative.”
“We remain cautious on the outlook for gold prices: the trend in gold prices is positive, but momentum is waning; it is unusual for gold prices to have positive relationships with the US dollar and US real yields. .US 5 and 10 years; there is no shortage of physical Gold. We maintain our year-end forecast of $2,000 per ounce for now.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
