Bullion has had a swathe of bullish factors working in its favour.Gold’s back testing above $2,000 and could see some follow-through buying if the level breaks decisively.
Bullish factors working in favour range from safe haven demand to lower US rates and a downdraft in the US Dollar.Going forward, a so-called golden cross beckons, with Gold’s 50-DMA on track to top its 200-DMA in the coming weeks (last time the pattern came around was in mid-January).
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