Gold Long Term View - Target
"Gold demand just had its strongest ever first quarter"
This year’s first quarter is one for the history books. Not only did gold appreciate at its fastest pace in 30 years, but demand for the yellow metal was the strongest it’s ever been on record.
Demand surged 21% from the same period a year ago, according to the latest World Gold Council (WGC) report. Most of this demand was driven by investment, with net inflows into gold ETFs reaching 363.7 tonnes, a seven-year high.
Technically, Gold all hit all time high of 1920.80 and then retraced to 1046. Currently, Its having solid support at 23.5% (1252). I'd looking for a first major target of 1483 (50% Retrace)
This year’s first quarter is one for the history books. Not only did gold appreciate at its fastest pace in 30 years, but demand for the yellow metal was the strongest it’s ever been on record.
Demand surged 21% from the same period a year ago, according to the latest World Gold Council (WGC) report. Most of this demand was driven by investment, with net inflows into gold ETFs reaching 363.7 tonnes, a seven-year high.
Technically, Gold all hit all time high of 1920.80 and then retraced to 1046. Currently, Its having solid support at 23.5% (1252). I'd looking for a first major target of 1483 (50% Retrace)
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