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.”
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
