Gold - Long Above Key Resistance

Gold has risen above key resistance at $1750 and we have hence changed our view to long as the FOMC minutes indicated interest rates will be kept low despite rising inflation. Additionally, a significant correction in the coming weeks in particular on the back of US corporate earnings results could see increased demand as it is a safe haven asset. Therefore we believe gold has the potential to challenge YTD highs above $1900 whilst it continues it's strong upward momentum and remains above support now at around $1750.