Deutsche Bank Cuts Gold Forecasts by Up to 22%

Deutsche Bank has revised its gold price forecasts downward by up to 22%, citing cautious investor expectations regarding US monetary policy and reduced investment demand for gold. The revision follows recent price declines in the gold market. Deutsche Bank analysts noted that expectations of continued interest rate hikes by the US Federal Reserve have diminished gold's appeal. The bank lowered its average gold price forecast for 2023 to $1,700 from $1,950, and for 2024 to $1,600 from $1,900. These cuts indicate waning investor interest in safe-haven assets. Deutsche Bank's decision signals potential further pressure on gold in the short term, though the bank noted that geopolitical risks and recession concerns could support gold. This is not investment advice.

📊 GLD — Piyasa Yorumu

▼ down · 70%

The news indicates that a major bank has significantly lowered its gold price expectations, which could put pressure on GLD. Technical indicators also point to weakness: the RSI is at 35, approaching oversold territory, while the MACD is below the signal line and in negative territory. The price is trading well below the 20- and 50-day moving averages. The 1.27% decline in the last 24 hours confirms continued selling pressure. The downtrend is expected to persist in the short term.

RSI 14

35.3

MACD

-2.51

24h Δ

-1.27%

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