Gold has surged back above $2,000. Economists at ANZ Bank analyze XAU/USD technical outlook.
Bullish trend looks intact
Gold prices rebounded strongly after correcting to $1,980, which forms the immediate support. As prices are still above the 100-day and 200-day moving averages, upside momentum looks intact.
A breach of the $2,060 resistance level will be crucial, and we would then expect technical buying to emerge pushing prices into unchartered territory above $2,100.
See – Gold Price Forecast: XAU/USD to reach $2,150 in the second half of next year – Commerzbank
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