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16 Oct 2023
Gold Price Forecast: XAU/USD to see a trend reversal on a decisive break above $1,950 – ANZ
Gold breached the resistance level of $1,910. Economists at ANZ Bank analyze the yellow metal’s technical outlook.
Buying could emerge at $1,900, limiting the downside
Gold would need to stay above $1,910 and break the next resistance level, of $1,950, to reverse the current downtrend. A breach of $1,950 would also confirm the latest ‘double bottom’ formation, which would indicate a trend reversal.
As the recent price action was triggered due Israel-Hamas war, the geopolitical premium could quickly vanish if the situation normalises.
Prices could fall back below $1,900 range. But buying could emerge at this level, limiting the downside.