ANZ Raises Gold Forecast to $2,300 Based on Technicals and Fundamentals
Wednesday, 13 March 2024, 23:09
ANZ Raises Gold Forecast to $2,300
ANZ have increased their end of year gold forecast to $2,300 from $2,200, based on technical analysis and market fundamentals.
Technical and Fundamental Factors
- Recent high around $2,195 as resistance
- Healthy price correction anticipated
- RSI indicating overbought level
If a correction occurs, the price could retreat to key support level of $2,100. On the fundamental side, bullish factors include speculator behavior, disinvestment in gold-backed ETFs, and ongoing central bank buying. However, ANZ cautions that higher prices may dampen physical demand.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.