Gold price forecast near term intra-day price action shows gold

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. When applying the analysis, we take the precious metal’s strong trending move from early January to late April and overlay it from the start of the current uptrend. This forecasts a target of around $4,365, implying about 13% upside from Tuesday’s trading levels. For example, Goldman Sachs Research estimates that China holds less than 10% of its reserves in gold, compared to around 70% for the US, Germany, France, and Italy. Gold price forecast near term is being supported by escalating geopolitical tensions, prompting risk-off flows into safe-haven assets. Data from COMEX shows an uptick in open interest, implying bulls are positioning for a possible breakout above $2,