Gold – Will it soon test record highs again?

Is there still great demand for safe havens and inflation hedges?

After a period of consolidation, gold prices have been rising again in recent days, hitting a 10-day high in the process.

This comes even as central banks signal an aggressive tightening cycle this year to combat soaring inflation and risk appetite remains healthy as Ukraine and Russia continue to engage in negotiations.

Clearly, there is still plenty of uncertainty and unease in the markets and while central banks are trying to get to grips with inflation, the worst is yet to come. And with commodity prices soaring, it could still get much worse.

So there’s still plenty of appetite for a safe haven and inflation hedge, as has become evident once more.

There was plenty of support around $1,900 around the 61.8 fib and 200/233-day SMA band on the 4-hour chart where the price initially rebounded off. But how much higher will it go? Can it reach record highs?

It saw some resistance around $1,960 and a move above here could see it test $2,000 once more. A move above here and talk of record highs could soon follow.

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam