In the mid-term trade outlook, gold's trajectory appears poised for further gains, with targets set at $2200 and $2300. The anticipation of a potential U.S. recession by late 2Q, coupled with concerns surrounding persistent housing and services inflation, continues to drive investor interest towards gold as a hedge against economic uncertainties. Additionally, the market sentiment favors gold as a risk-off and macro-overlay hedge, especially amidst geopolitical tensions and monetary policy uncertainties. These factors, combined with technical indicators suggesting bullish momentum, support the expectation of gold prices reaching $2200 and potentially $2300 in the mid-term, as investors seek safe-haven assets to navigate through volatile market conditions.
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Trade closed: target reached