Gold Price Forecast: XAU/USD starts to look oversold, time to buy? – Standard Chartered
|Is there a buying opportunity in Gold after the recent drop? XAU/USD is starting to look oversold. Therefore, strategists at Standard Chartered recommend adding exposure to the yellow metal.
Subsequent support levels for XAU/USD are at $1,810, followed by $1,780
“Gold broke below a strong support level at $1,840; the next support is at $1,810, followed by $1,780.”
“We would gradually add exposure to Gold (especially those who are underinvested), given that XAU/USD is starting to look oversold. Moreover, central bank demand remains strong and we expect that to continue supporting Gold prices.”
“The rebound in real yields and the USD is likely to level off, in our view, fading headwinds against Gold. The bright metal can also serve as an attractive hedge against short-term volatility due to geopolitical tensions.”
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.