As feared, gold prices increased sharply in the last session of the week, confirming the creation of a bottom at the support area around the 2020 level with a double-bottom model and the breaking of the short-term falling channel. This price behavior shows the possibility that the price may return to an upward trend. The short-term target will be around the old peak around the 2080 resistance level. Those who catch a short-term reversal can consider buying.
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According to Kitco's latest weekly gold price survey, the majority of analysts expect gold prices to increase in the near future. Meanwhile, retail investors are cautious, believing that gold prices may move sideways.
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Bannockburn Global Forex CEO Marc Chandler said that tensions in the Middle East are reducing the pressure on gold from the dollar and bond yields. Chandler predicts that in the near future, safe haven demand will push gold prices higher.
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