Gold Price Forecast: XAU/USD to inch towards $2,000 on sustained move above $1,960 – ANZ

Economists at ANZ Bank see gold continuing to be a good hedge against inflation. Prices are sitting in a neutral zone of $1,920-50/oz. A break above $1,960/oz would be a bullish signal.

Investor demand for gold is strong, amid heightened geopolitical risks

“Stagflation risks are rising, encouraging investors to divert funds to safe havens such as gold.”

“Now, more than one month into the Ukraine war and with no resolution in the sight conditions are still supporting haven demand.”

“A weekly close near $1,950/oz signals upside potential. If prices hold above $1,960/oz, this would be a bullish signal. We see prices inching towards $2,000/oz soon.”

“A strong support lies near $1,910/oz, and a breach of this level could cause a technical sell-off.”