Gold at $4,019: HSBC Cuts Forecast as Fed Hawkishness Meets Central Bank Demand
HSBC cut its 2026 average gold forecast to $4,560/oz on July 9, citing a hawkish Federal Reserve and a dollar that has regained its footing. Gold trades around $4,019 today, down roughly 28% from the January 29 record of $5,594.82/oz. For traders watching the $3,990-$4,000 support band, the question is not whether the correction happened but whether it is finished. Key Takeaways HSBC cut its 2026 average gold forecast to $4,560/oz (from $4,864), with a year-end target of $4,750 and an H2 trading range of $3,800-$4,700. Gold spot trades around $4,019/oz as of July 20, down 28% from the January 29 record of $5,594.82/oz, with $3,990-$4,000 as the key near-term support band. CFTC data as of Jul…
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