Gold price forecast near term with Fed commentary leaning dovish and

With Fed commentary leaning dovish and the CME FedWatch Tool showing increased odds of a rate cut, traders are recalibrating strategies to capture potential upside in the gold price forecast near term, targeting the $2,350-$2,360 zone. While the relative strength index confirms the bullish momentum, the indicator also nears a stretched reading that has preceded several pauses in the precious mental’s uptrend over the past 18 months. Central banks purchased less gold in July than in an average month this year, according to Goldman Sachs Research’s nowcast of central bank activity. Central banks have purchased 64 tonnes of gold per month this year, which is below Goldman Sachs Research’s forecast of 80 tonnes per month. Analysts tracking gold price forecast near term report that spot prices have been holding steady around $2,325/oz as traders weigh softer U.S. labor data against resilient demand from Asia. Short-term momentum indicators still show upside risk if Treasury yields retreat further.