Gold Forecast: Setting fresh highs despite USD strength

Gold price (XAU/USD) looked like it was on the verge of a deep correction on Wednesday but it gathered bullish momentum in the second half of the week, advancing to a fresh all-time high above $2,400.

Gold hit yet another historic peak following a short-lasting correction. XAU/USD ignores rising US yields and broad USD strength. The technical outlook shows that Gold remains extremely overbought. Gold price looked like it was on the verge of a deep correction on Wednesday but it gathered bullish momentum in the second half of the week, advancing to a fresh all-time high above $2,400.

A disappointing GDP print from China, the world’s biggest consumer of Gold, could cause concerns over the yellow metal’s demand outlook and limit XAU/USD’s upside in the short term. Meanwhile, investors will remain focused on geopolitical developments. A de-escalation of the conflict in the Middle East could trigger a deep correction in Gold.

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