Weekly Gold Forecast and News on 10 – 14 June 2024

Gold Market Overview

Gold prices experienced significant volatility this week as markets digested mixed economic signals from the United States. The precious metal initially gained ground on softer inflation data but later retreated as Federal Reserve officials maintained a hawkish stance.

Key Market Drivers

1. Federal Reserve Policy: The Fed indicated only one potential rate cut for 2024, down from previous projections of three cuts.

2. US Economic Data:

- PPI came in softer than expected at 0.2% MoM

- Core CPI remained sticky at 3.4% YoY

- Unemployment claims rose slightly to 242K

3. Geopolitical Tensions: Ongoing conflicts in Eastern Europe continue to provide underlying support for safe-haven assets.

Technical Analysis

Gold is currently trading around the $2,320 level, finding support at the 50-day moving average. Key levels to watch:

• **Resistance**: $2,350, $2,380
• **Support**: $2,300, $2,280

Weekly Forecast

We expect gold to trade in a range between $2,300-$2,350 in the coming week, with potential for a breakout if US data surprises significantly.

Trading Recommendations

• **Buy Zone**: $2,300-$2,310
• **Target**: $2,340-$2,350
• **Stop Loss**: $2,285

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*This article was originally published on GoFX.com. The content has been adapted for our platform.*