Analysts at the Australian bank noted that annual central bank gold demand has nearly tripled and now makes up 25 to 30 percent of total global demand.
What worries us about gold is the forming of what appears to be a descending triangle. Naturally, we don’t want to see that, but if that bottom end near $2,000 falls out, the fall could be a drop to $1,835.
Gold should break free from $1990-$2060 wider trading range and form a new range over the next two weeks. Spot gold has to trade over $2028.00 to rise to $2047.60 and $2064.00.
Clearly Gold’s baby blue dots of trend consistency are directionally neutral, whereas the Profile suggests trading support in the 2030s, (but we’re not holding our breath).