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Gold decisively cleared the $3,028.53 pivot level this week, clearing the way for a retest of the all-time high at $3,057.59. With technical resistance breached, bulls now eye higher targets. ANZ maintains a $3,200 forecast, conditional on continued risk aversion and a dovish Fed. On the downside, former resistance at $3,028 now acts as initial support, followed by $2,999 and $2,968.
Gold Market Outlook: Bullish Bias Strengthens
As recession concerns deepen, policy risk grows, and real rates remain anchored, gold’s appeal as a store of value continues to rise. With ETF inflows climbing and physical demand steady, traders are leaning bullish.
Unless Friday’s inflation data sharply disrupts Fed rate cut expectations, the gold prices forecast remains firmly bullish, with further highs likely in the near term.
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