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JPMorgan Cuts Gold Price Forecast, Sees Bullion Reaching $4,500 by End of 2026 
Gold lost its shine as demand for safe-haven assets decreased. It hit a low of $3280 at the time of writing and is currently trading around $3284.
Rate Cut Expectations on the Rise
According to the CME Fed Watch tool, the chances of a 25 bpbs rate cut in the June 18th, 2025 meeting have increased to 60.40% from 55.50% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding below short term moving average 34 EMA and 55 EMA and above long-term moving averages (200 EMA) in the one hour chart. Immediate support is at $3270 and a break below this level will drag the yellow metal to $3232/$3168/$3100/$3000. The near-term resistance is at $3330 with potential price targets at $$3525/$3560.
It is good to sell on rallies around $3300 with a stop-loss at $3350 for a target price of $3167.
