(CNBC) Gold appears to be regaining favor with investors, rallying 5 percent over the past two weeks, and gains look set to continue in the near term driven by a strong technical picture, according to ANZ.
“Gold has managed to break through – and hold above – some key resistance levels over the past few weeks. A rally above $1,308 per ounce could target $1,365,” Victor Thianpiriya, commodity strategist at ANZ, who sees gold rising to $1,450 by year-end, wrote in a report published on Friday.
Gold held above $1,300 on Friday and looked set to post its biggest weekly gain since October as U.S. data raised concerns about the outlook for economic growth.
