This week, gold decided the $ 3,028.53 pivot level and cleared the road for a retest of all time High at $ 3,057.59. With technical resistance, Bulls are now higher goals. Anz maintains a prediction of $ 3,200, conditional for continuous risk aversion and a Dovish -Fed. On the other hand, former resistance at $ 3,028 is now the first support, followed by $ 2,999 and $ 2,968.
Gold market front views: Bullish bias strengthened
The way the recession concerns, the policy risk grows and the real rates remains anchored, the profession of Gold continues to rise if a store of value continues to rise. With ETF inflow climbing and the physical demand steadily, traders lean Bullish.
Unless the inflation data on Friday strongly reduced the expectations of the FED rate, the prediction of gold prices remains strong bullish, with further highlights probably in the short term.