Gold price forecast near term mining equities linked to gold

Mining equities linked to gold production have surged 3% week-to-date, historically a lead indicator of positive pricing trends, boosting the technical and fundamental case for a bullish gold price forecast near term. Bulls ’ failure to defend this key level could see the commodity’s price retreat to $3,120. This location on the chart may provide support near the May low, which currently sits just above the upward sloping 50-week moving average. This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed. Intra-day price action shows gold finding consistent bids during U.S. trading hours after European pullbacks, an unusual pattern that bolsters the gold price forecast near term for a grind higher into key resistance levels.