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Gold prices could retest support below $1,900/ounce

Gold prices have room to move lower and retest support below $1,900 an ounce in the early part of the second half of the year; however, that doesn't mean investors should give up on gold, according to Nicky Shiels, metals strategist at MKS PAMP.

In her mid-year outlook, published last week, said that she is maintaining her 2023 year-end price average of $1,930 an ounce, even as prices could remain in a downtrend in the near term.

In what could be a volatile market, MKS sees gold prices trading in a range between $1,850 and $2,100 an ounce through the second half of the year.

Shiels warned investors that gold could continue to struggle during the rest of the summer as the Federal Reserve looks to raise interest rates later this month. However, she added that there is a chance gold can still see record all-time highs by the end of the year.

Although the threat of a recession, caused by the Federal Reserve's aggressive monetary policies, is still in the marketplace, Shiels said that the fear has diminished, and investors are now chasing momentum in other assets.

Source: Kitco

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