Gold Price Forecast: XAU/USD set to move towards this year’s high once $1,970 resistance is broken – ANZ
|Technically, the recent break above $1,950 area is strengthening the prospect of the Gold price resuming its uptrend, economists at ANZ Bank report.
Break below $1,900 could trigger a fresh sell-off
The recent break-out above $1,950 has strengthened market sentiment. However, the price needs to break the resistance level of $1,970 to be seen as resuming the uptrend. Once this resistance breaks, Gold is set to move towards this year’s high.
On the downside, a fresh sell-off could be triggered if prices break below $1,900, as this would turn market sentiment negative. This could see prices falling back to $1,800.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.