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Gold sails past critical resistance level to reach nine-month high

Gold soared past the key resistance level of £1,546 ($1,900) on Friday, giving the bulls a nine-month high to close out the week. With momentum building, analysts now expect that prices will race towards a record high.

Pushing gold ever closer to the £1,627 ($2,000) target is a growing risk-off sentiment amid rising political and economic uncertainty. The U.S. Treasury has helped to fuel safe-haven demand after it warned that its debt limit would be reached as early as this Thursday, 19 January. That has sparked fears that America may default on its debt repayment obligations.

This news should mean that gold prices continue to increase, according to OANDA senior analyst, Edward Moya. “We knew the debt issue was going to be a problem in 2023, but we weren’t expecting it to rise to prominence so soon. The short-term reaction in gold is warranted, giving how much uncertainty there currently is…. it’s positive for gold,” he said.

Disappointing economic data issued yesterday (Tuesday) has also helped gold prices to remain elevated above the £1,546 ($1,900) mark, with regional manufacturing in New York falling and seriously missing analyst expectations. 

Don’t wait for prices to spike further. Buy now.

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