77.14 F
London
July 18, 2024
PI Global Investments
Gold

ANZ have raised their end of year gold forecast to $2,300, from $2,200


On the technicals, ANZ note the recent high around $2,195 as resistance:

  • a break of this resistance targets above $2,200

ANZ are wary of a correction first through, “a healthy price correction looks in the offing:”, citing:

  • RSI suggests an overbought level
  • If a correction starts, the price could fall back to the key support level of $2,100

Further ahead, and more leaning fundamental than technical.

Bullish factors include:

  • “While speculators have increased their bullish bets recently, positions are not matching the intensity of the latest price rally,”
  • “Moreover, disinvestment in gold-backed Exchange-Traded Funds (ETFs) has been continuing. A lean level of investment in gold should be seen as a potential driver. This not only limits scope for a heavy liquidation but also leaves ample room for fresh buying.”
  • rising uncertainties on the economic outlook and geopolitics
  • central banks continue to buy

ANZ cautions that higher prices could weigh on physical demand



Source link

Related posts

Central Banks Will Keep Gobbling Gold in 2024

D.William

EDITORIAL | Sado Gold Mines’ Value as World Heritage Site Cannot Be Denied

D.William

Why gold prices could reach new highs later this year

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.