Gold Q2 Forecast: Bets for Fed Rate-Cut Fosters Bullish Outlook

The adjustments in the Fed‘s Summary of Economic Projections (SEP) suggest the central bank will continue to change its tune over the coming months as officials trim the growth and inflation forecast for 2019 and 2020. In turn, Chairman Jerome Powell and co. are now projecting a longer-run interest rate of 2.50% to 2.75%, and the change in the forwardguidance indicates that the central bank is on course to conclude the hiking-cycle ahead of schedule as ’data arriving since September suggest that growth is slowing somewhat more than expected.

美联储经济预测摘要（SEP）的调整显示，随着官员削减2019年和2020年的增长和通胀预测，央行将在未来几个月继续改变调整。反过来，主席杰罗姆鲍威尔和他的公司。目前正在预测长期利率为2.50％至2.75％，而且前瞻性指引的变化表明中央银行正在提前完成远足周期，因为自9月份以来数据到来表明增长正在放缓比预期更多。

SPOT GOLD (XAUUSD) PRICE CHART: WEEKLY TIME FRAME

SPOT GOLD（XAUUSD）价格表：每周时间框架

In turn, the current environment may continue to heighten the appeal of gold amid the upcoming changes in Fed policy. The price for bullion may exhibit a more bullish behavior over the coming months as the FOMC abandons hawkish forward guidance for monetary policy.

反过来，在即将到来的美联储政策变化中，目前的环境可能继续提升黄金的吸引力。由于联邦公开市场委员会放弃了强硬的货币政策远期指引，黄金价格可能在未来几个月表现出更加看涨的行为。

See the complete Q219 Gold Forecast as well as outlook for other major currencies, equities, and oil.

查看完整的Q219黄金预测以及其他前景主要货币，股票和石油。

---Written by David Song and Michael Boutros, Currency Strategists

---由货币策略师David Song和Michael Boutros撰写