DeGRAM | GOLD Preparing to Take $3520

540
📊 Technical Analysis
Gold couldn’t clear $3 500 and is drifting toward $3 430 support.

💡 Fundamental Analysis
  • Central banks keep buying— 333 t in Q4 ’24 and still rising in April ’25.
  • The dollar just hit a 3‑yr low on Fed‑credibility fears.
  • Real yields have slipped, restoring gold’s carry appeal.
  • IMF warns tariff tensions could chill growth, fuelling hedge demand.
  • Street targets climb: GS sees $3 700–4 500, JPM $3 000+.

Summary
Technicals flag a pullback, yet fresh central‑bank demand, a weaker USD, lower real yields and escalating trade risks add upside torque—any bounce off $3 430 could retest $3 520.

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