Gold prices saw a slight decline this past week. Traders watched for signs of overall risk appetite. A shorter trading week also impacted markets due to the Juneteenth holiday on Friday.
The $4,000 level is a key area for gold. If selling pressure pushes prices below this point, gold could fall towards $3,500. A move above $4,300, however, could send prices to $4,400 or even $4,600.
U.S. interest rates continue to influence gold’s direction. Headlines from the Middle East and broader investor risk appetite also play a role. Stronger risk appetite generally weakens the U.S. dollar, which can support gold.
One analyst remains bullish on gold, expecting a bottom to be near. They anticipate choppy trading conditions in the short term. Buying on dips is favored, while shorting gold is not recommended unless prices close below $4,000.