Gold Price Forecast: XAU/USD could see some follow-through buying if the $2,000 level breaks decisively – MUFG

Gold prices are up. Economists at MUFG Bank analyze the yellow metal’s outlook.

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).