Strategists at UOB Group’s Quarterly Global Outlook noted the ounce troy of the yellow metal could test the $1,800 mark in the not-so-distant horizon.
“The price actions in spot gold since March have been choppy. However, with monthly ADX rising strongly above the 25 level, spot gold is deemed to be in a long-term up-trend.”
“Overbought shorter-term conditions could lead to a period of consolidation first but spot gold is expected to stage another push higher towards (and possibly above) the 8-year peak of $1,795, likely closer to the end of third quarter.”
“Support is at $1,600 but only an unlikely break of $1,500 would indicate that spot gold has found a top.”
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