Core Insights - Gold prices are expected to continue receiving support through the remainder of 2025 due to increasing market risks, including inflation concerns, rising government debt, and a slowing U.S. economy [2] - Lombard Odier has raised its 12-month gold price target to $3,900 per ounce, with expectations that gold could reach $4,000 per ounce and silver $50 per ounce in the next three to six months [2] - Technical analysis suggests that gold may break below the support level of $3,623 per ounce, potentially falling to a range of $3,539 to $3,591 [3] Market Dynamics - Speculative positions in gold have decreased since April, while demand has risen amid limited supply, which is expected to further drive up gold prices [2] - The flow of funds into ETFs remains a significant factor influencing gold prices, particularly in Asia, with potential for further price increases if momentum in fund flows improves [2] Technical Analysis - The five-wave cycle starting from $3,322 appears to have completed, with a target area for retracement identified between $3,539 and $3,591 [3] - A resistance level is noted at $3,649, with a breakthrough potentially leading to a mild increase into the range of $3,674 to $3,685 [3] - Recent candlestick patterns indicate a waning bullish momentum, with a high likelihood of a pullback to $3,576 [3]

Core Viewpoint - Lombard Odier indicates that gold prices may continue to receive support for the remainder of 2025 due to increasing market risks, including inflation concerns, rising government debt, and a slowing U.S. economy [1] Group 1: Market Conditions - The backdrop for gold reaching historical highs includes heightened market risks, such as inflation worries, increasing government debt, and a decelerating U.S. economy [1] - Since April, speculative positions have decreased, while demand has risen amid constrained supply, which is expected to further drive up gold prices [1] Group 2: Investment Influences - The flow of funds into ETFs has been a significant factor influencing gold prices, particularly in Asia [1] - If there are signs of a rebound in fund flow momentum, gold prices could see further increases [1] Group 3: Price Forecast - Lombard Odier has raised its 12-month gold price target to $3,900 per ounce [1]

Core Viewpoint - Lombard Odier indicates that gold prices may continue to receive support for the remainder of 2025 due to increasing market risks, including inflation concerns, rising government debt, and a slowing U.S. economy [1] Group 1: Market Conditions - The backdrop for gold reaching historical highs includes heightened market risks such as inflation worries, escalating government debt, and a decelerating U.S. economy [1] - Since April, speculative positions have decreased, while demand has risen amid constrained supply, which is expected to further drive up gold prices [1] Group 2: Investment Trends - The flow of funds into ETFs has been a significant factor influencing gold, particularly in Asia [1] - If there are signs of a rebound in fund flow momentum, gold prices could see further increases [1] Group 3: Price Forecast - Lombard Odier has raised its 12-month gold price target to $3,900 per ounce [1]