RLinda ! GOLD-> The market seems to be targeting 1960

Mar 16, 2023

Gold continues to gain momentum. It hit a six-week high of 1937.39 and there is obviously a lot of interest in this metal amid the crisis. What's going on and what should we expect next?

Investors are looking for a safe asset to hold their money in the banking crisis, which has caused gold to rise recently. In general, gold has also received support from the weakening of the competing safe-haven dollar, which has made bullion cheaper for overseas buyers.
Over the longer term, gold's average highs in the run-up to and after the initial Fed rate cut and the U.S. recession lead us to expect higher prices in the face of macroeconomic uncertainty.

From a technical analysis perspective, the XAU is making weak technical reversals and quite strong bullish momentum, which is typical of the current situation.
The price is in the 1930-1915 range and could form a consolidation between these boundaries. In the medium term, I expect the continuation of growth after breaking through the resistance area of 1930 and the local high of 1937.39. Short-term target - resistance 1940, medium-term target - liquidity area 1960.

Regards, R. Linda!