As the US and Iran gradually approach a ceasefire agreement, US crude oil prices have gradually declined. This easing of tensions, coupled with lower oil prices reducing concerns about the Federal Reserve’s urgent need to raise interest rates, should strengthen investors’ desire to buy gold at lower prices. If the Fed’s latest dot plot, released early Thursday morning Hong Kong time, shows a very slight increase in interest rates this year, investors’ risk appetite for gold should gradually increase, thus pushing up gold prices.

On the other hand, if investors believe the Fed does not need to raise interest rates in the short term, the US dollar index should gradually show a downward trend, and this dollar factor is also expected to provide upward momentum for gold prices.

A position can be established around $4,283, with a short-term target of $4,404 for profit-taking and a stop-loss at $4,263.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com