Gold Prices Remain on an Uptrend:

Last week, gold prices saw impressive growth, reaching their highest levels in recent times. The weakening USD and expectations of a potential rate cut by the Federal Reserve (FED) in September have been strong catalysts for gold’s rise. U.S. economic data indicating that the economy is not heading for a severe recession and cooling inflation has alleviated concerns about a “hard landing.”

Forecasts Suggest Gold Could Reach New Highs:

While gold prices dipped slightly at the beginning of the week, experts predict that prices could reach $3,000/oz in the near future. This week’s key event is the FED’s conference at Jackson Hole, with a speech from Chairman Jerome Powell. Expectations of a swift rate cut by the FED will continue to support gold prices. Data from the CME’s FedWatch Tool indicates that the market expects the FED to cut rates by up to 1 percentage point across the final three meetings of this year.

Impact of Geopolitical Risks:

Geopolitical tensions, particularly in the Middle East, and the upcoming U.S. presidential election are adding further momentum to gold prices. Research shows that the increasing U.S. national debt also has a close relationship with gold prices. The forecast suggests that gold prices could continue to rise, targeting $2,600/oz by mid-next year, though they may dip to $2,550/oz by the end of 2025 if inflation picks up again.

Trading Strategies:

• Buy:

  • Scenario 1: Consider entering a Buy position when prices reach the levels of $2,505 – $2,507/oz and $2,510 – $2,512/oz. Further target levels could be $2,515 – $2,517/oz and $2,520 – $2,522/oz.
  • Scenario 2: If during the European session, gold prices remain above $2,490/oz, continue to look for Buy opportunities.

• Sell:

  • Scenario 1: After hitting Buy targets, consider looking for a Sell at retracement levels with targets of $5 – $10/oz.
  • Scenario 2: If gold prices fail to break through the $2,515 – $2,517/oz range, consider exiting Buy positions and look to Sell earlier with targets of $5 – $10/oz.

Note: Closely monitor economic data and news throughout the week to adjust your trading strategy in a timely manner. Risk management is crucial, especially with the market near record highs.

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