Gold price still has legs to inch higher - OCBC

FXStreet reports that strategists at OCBC note that gold price closed above $1900 for the first time since the first week of January. With XAU/USD breaking above the $1900 level, there is a clear bullish momentum with precious metal demand right now, they suggest.

“Gold finally closed above the $1900/oz for the first time since the start of the year, and we think that may herald further bullish momentum for the precious metal.” 

“Prices have been supported by talks of yet another outsized fiscal stimulus from the Biden administration at $6tn for the 2022 fiscal year.”

“A weak Nonfarm payrolls number this Friday may jolt gold prices toward the $1975 level.”