ANZ on gold:

  • Prices settling above the $1,800 resistance will be crucial to confirm a bullish trend in Gold. With the Fed expected to hike in December by 50 bps and inflation staying well above the target range, we believe it would be difficult for XAU/USD to break this resistance before the end of this year.
  • We expect Gold to take support at $1,700, while prices could still test the downside of $1,620, which is a key support level in the near-term.
  • A break of $1,620 could potentially open the door for prices to fall below $1,600.
gold 23 November 2022