Technically, Gold prices are consolidating near $2,020. If prices breach recent highs, strategists at ANZ bank expect Gold to advance towards $2,100.
Bullish trend remains intact
“The technical chart shows sustained bullish momentum, as the upward channel suggests a broad range of $1,900-2,100.”
“Prices face a key resistance at $2,062. A break above this level could trigger fresh technical buying, and prices could trade in the unchartered territory of $2,100.”
“On the downside, any disappointment on the rate hike front could pull prices back to the trend line support of $1,900.”