Gold Prices Likely Supported by Central Bank Demand
Gold prices are expected to find continued support from strong central bank buying. Since the start of the Ukraine war, average annual central bank gold purchases have doubled from 500 to 1,000 tons.
The primary drivers remain gold’s role as a crisis hedge, portfolio diversifier, and store of value.
While de-dollarization is not an explicit motivation, many central banks anticipate a gradual decline in the U.S. dollar’s share of global reserves.
Technical Outlook:
Gold remains in bullish territory as long as it trades above 3365. This supports a move toward 3403, and if the price stabilizes above that level, the uptrend may extend toward 3430 and 3448.
A break below 3364 would invalidate the bullish structure and shift momentum downward, with potential targets at 3347 and 3322.
Key Levels:
• Resistance: 3403 / 3430 / 3448
• Support: 3365 / 3347 / 3322
Gold prices are expected to find continued support from strong central bank buying. Since the start of the Ukraine war, average annual central bank gold purchases have doubled from 500 to 1,000 tons.
The primary drivers remain gold’s role as a crisis hedge, portfolio diversifier, and store of value.
While de-dollarization is not an explicit motivation, many central banks anticipate a gradual decline in the U.S. dollar’s share of global reserves.
Technical Outlook:
Gold remains in bullish territory as long as it trades above 3365. This supports a move toward 3403, and if the price stabilizes above that level, the uptrend may extend toward 3430 and 3448.
A break below 3364 would invalidate the bullish structure and shift momentum downward, with potential targets at 3347 and 3322.
Key Levels:
• Resistance: 3403 / 3430 / 3448
• Support: 3365 / 3347 / 3322
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.