Gold markets have shown a little bit of resiliency during the early hours on Tuesday, as it looks like the buyers are coming in to pick the market up yet again.
Financial advisors surveyed by State Street and the World Gold Council continue to be bullish about gold.
Strong Chinese demand persists, and potential dovish signals from upcoming U.S. economic data could bolster gold prices in the near term.
Gold (XAU) is trading close to $2,325, with potential bearish momentum looming as market sentiment shifts.
Gold prices are expected to surge in the next 12 to 18 months and reach $3,000 per ounce, analysts at the Bank of America predict. The analysts, however, noted that current market flows do not necessarily support this price point, which hinges on increased non-commercial demand, which currently supports an average price of $2,200 per ounce in the year-to-date.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Gold prices rose on Monday due to a weaker dollar, with investors awaiting U.S. inflation data and the 50-day moving average as key resistance.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Anna Golubova is the Producer for Kitco News. With more than ten years of experience in media, she has covered a range of topics, focusing on economy and politics.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Gold market continues to see support, as we are trying to do everything we can to bounce from the crucial 50-Day EMA, and of course the $2300 level, an area that has been important more than once.
Considering the current economic indicators and market sentiment, gold prices are likely to remain supported in the short term.