Goldman Sachs Cuts Gold Price Forecast Due to Fed's Tight Stance

The news includes downward revisions to gold forecasts due to the Fed's hawkish stance, which is a fundamentally negative signal for gold. The price has already fallen 7.36% in 24 hours and is trading below the SMA20 and SMA50; although the RSI at 32.8 is near the oversold threshold, the MACD is in negative territory and below its signal line. In the short term, selling pressure is likely to persist, but oversold conditions could trigger bargain hunting. Therefore, the direction is down, with moderate confidence.

Goldman Sachs' downward revision of its gold forecast confirms the pressure of the Fed's tight stance on gold and creates a negative sentiment in the short term. However, although the RSI is at 67, it is close to overbought territory and the MACD is above the signal line; this suggests that the decline may be limited. The price is well above the SMA20 and SMA50, meaning the trend is still strong. The impact of the news can be seen as a short-term correction, and a sharp sell-off should not be expected. Nevertheless, since the Fed-driven tightening expectation is a fundamental headwind for gold, the downward bias is slightly dominant.