Gold had the first weekly close above $ 1,900 on Friday since the first week of January. With XAU / USD breaking above $ 1,900, there is clear bullish momentum, say analysts at OCBC.
Key statements:
“Gold finally closed above 1900 / oz for the first time since the beginning of the year, and we think it may herald further bullish momentum for the precious metal.”
Prices have been supported by conversations about another gargantuan fiscal stimulus from the Biden administration of $ 6 trillion for fiscal year 2022. Thus, there has been a divergence between the constant nominal yield levels of Treasuries and the movements of gold”.
“A weak number of nonfarm payrolls this Friday may drive gold prices towards the $ 1975 level“.
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