CPT MarketsAnalysts have a positive outlook on gold in the medium to long term! Follow the Federal Reserve this week...

gold/dollar (XAUUSD)：

After a slight increase in gold against the US dollar last Friday, it closed in consolidation1889.62Nearby, despite last week's volatile trading, gold prices are expected to continue to fluctuate as the market continues to respond to the Federal Reserve minutes. The expected increase in gold prices in the future may require an increase in interest rate cuts next year.

In terms of positive factors

1. Analysts have a positive view on gold in the medium to long term: Economists from ANZ Bank pointed out that strong economic data proves that the US economy still has resilience, and the market has ruled out the possibility of a hard landing, which reduces the safe haven demand for gold. Their benchmark forecast is that interest rates will remain at their current levels, but it does not rule out the possibility of another rate hike based on data. Regardless, in the event of a slowdown in inflation, real interest rates are likely to rise. Overall, they believe that gold prices are facing a short-term headwind. However, their medium to long-term views on gold remain positive, and it is expected that the target level for gold prices by the end of the first quarter of next year will be2100USD.

In terms of bearish factors

1. The Federal Reserve leans towards further interest rate hikes: The Federal Reserve's announcement7The minutes of the monthly policy meeting show that most policymakers continue to believe that inflation faces significant upward risks, indicating that the Federal Reserve is inclined to further raise interest rates. Most economists believe that given the recent easing of inflation, the Fed's interest rate hike cycle is likely to have ended, but it is not ruled out that10month31day-11month1The possibility of raising interest rates at the Japanese policy meeting. Federal Reserve Chairman Powell's speech at the Jackson Hole Economic Seminar next week may provide more clues to the outlook for monetary policy.

2. Strong retail sales data in the United States: The strong economic data released last week, especially retail sales data, has provided support for further tightening policies. These factors drive10The yield of one-year US Treasury bonds has risen to10The highest level since the beginning of the month4.328%。 IGMarket StrategistYeap Jun RongSo far, the US economic data has provided space for interest rates to remain high for a long time, while US retail sales data has offset concerns about economic recession and may curb the flow of safe haven funds to gold.

Press from above(Upper resistance) 1889.60，1891.20； From the downward direction, the lower support1887.80。

CPT MarketsRisk Tips and Disclaimers : The above article content is for reference only and is not intended as future investment advice.CPT Markets The articles published are mainly based on international financial data reports and international news as reference.