Gold price forecast (& support/resistance levels)
Comments from an ANZ note on gold. Analysts note its continuing role as an inflation hedge and say USD19250 – 50 is a neutral zone.
- Stagflation risks are rising, encouraging investors to divert funds to safe havens such as gold
- Now, more than one month into the Ukraine war and with no resolution in the sight conditions are still supporting haven demand
- A weekly close near $1,950/oz signals upside potential. If prices hold above $1,960/oz, this would be a bullish signal.
- We see prices inching towards $2,000/oz soon
- A strong support lies near $1,910/oz, and a breach of this level could cause a technical sell-off
Gold Daily candles:
