The situation in the Middle East, marked by the ongoing conflict between Iran and Israel involving the USA, has implications for financial markets, particularly impacting gold prices.
Key Economic Events This Week
Several significant U.S. economic reports are slated for release this week, anticipated to influence the price of gold (XAUUSD). The reports include:
**Mon, June 23 – PMI Reports** Both PMI indices are expected to fall below forecasts, potentially indicating economic slowing which may increase gold prices.
**Tue, June 24 – Testimony from Fed Chair Powell** Powell's statements on rates and inflation could significantly affect gold.
**Wed, June 25 – Continued Testimony from Fed Chair Powell** An extension of the testimony might drive gold prices higher.
**Thu, June 26 – Final GDP and Unemployment Claims** Flat GDP and rising jobless claims could reinforce gold prices.
**Fri, June 27 – Core PCE Price Index** The market will be influenced by this critical inflation indicator, with implications for future rate hikes affecting gold.
Gold Market Overview
The gold market overview remains similar to last week. The nearest liquidity on the weekly chart is still upwards at $3500, with internal liquidity at $3120. The chances of reaching $3500 before hitting $3120 are considered high.
Gold Price Forecast for June 23-27, 2025
Gold is currently moving within a downward channel without a clear trend. The primary buying zone is expected at $3332-3318.
A subsequent buying opportunity may present at the $3313-3293 support level, which could offer a significant bounce. However, a failure to hold this level may see gold prices dropping to $3200. Selling is expected from the $3410-3424 range.
Overall, the week ahead is poised to be intriguing for the gold market, with various economic events potentially influencing the asset's price in both upward and downward directions.
