The situation on the international stage, including conflicts in Ukraine and the Middle East, has influenced gold prices, raising them to a new level. Market changes may be expected in response to key economic events.
Recap of Previous Forecast
The previous forecast indicated that gold reached levels between $3357 and $3193 per ounce. After breaking the upper range of $3357, investors anticipate a correction and retest of this level for potential buying.
Key Economic Events This Week
This week, crucial economic reports from the U.S. are expected:
**June 17:**
* Core Retail Sales m/m
Increased retail activity indicates a resilient economy, which may strengthen the USD and lower gold prices.
* Retail Sales m/m
Weak overall retail sales could rise demand for gold as a safe haven.
**June 18:**
* Unemployment Claims
Rising claims indicate a worsening labor market, potentially boosting gold prices.
* Federal Funds Rate and FOMC Meeting
The Fed’s outlook and tone will be closely monitored by the market, as indications of a future rate reduction may impact gold prices for investors.
Gold Price Forecast for June 16th to June 20th
Currently, gold displays an upward trend in shorter timeframes. Support levels are expected between $3420 and $3403, with potential growth towards $3460. A suitable buying opportunity may arise upon confirmation of price stability within this range.
The gold market remains volatile, offering opportunities for both buying and selling. It is crucial to monitor economic data and price dynamics for informed investment decisions.
