On the technicals, ANZ note the recent high around $2,195 as resistance:

• a break of this resistance targets above $2,200

ANZ are wary of a correction first through, “a healthy price correction looks in the offing:”, citing:

• RSI suggests an overbought level
• If a correction starts, the price could fall back to the key support level of $2,100

Further ahead, and more leaning fundamental than technical.

Bullish factors include:

• “While speculators have increased their bullish bets recently, positions are not matching the intensity of the latest price rally,”
• “Moreover, disinvestment in gold-backed Exchange-Traded Funds (ETFs) has been continuing. A lean level of investment in gold should be seen as a potential driver. This not only limits scope for a heavy liquidation but also leaves ample room for fresh buying.”
• rising uncertainties on the economic outlook and geopolitics
• central banks continue to buy

ANZ cautions that higher prices could weigh on physical demand.