Institution: Gold risk balance is currently tilted upwards

Malayan Banking analysts stated: “Currently, Brent crude oil has declined by more than 30% from its high on April 30, and the renewed hawkish pricing of the Federal Reserve has already put considerable pressure on gold prices. The risk balance is leaning toward a more bullish scenario for gold." Malayan Banking analysts added: “Persistently falling oil prices could alleviate pressure on U.S. Treasury bonds and emerging market currencies, which in turn might lead to a more sustained gold rally." They also noted that, based on the charts, resistance is at $4,900 per ounce, followed by $5,020 per ounce.