From the latest Saxos report. This pickup in demand together with a continued accumulation from long-term investors through exchange-traded funds should provide enough support for gold to break higher towards the key area of resistance between $1,360 and $1,375/oz where consecutive highs were set between 2016 and 2018. A friendly investment environment for precious metals should see silver, despite its link to industrial metals, regain some of its lost ground against gold. From an historically cheap level above 80, the gold-silver ratio, which measures the value of gold in ounces of silver, could turn lower towards the five-year average at 74, a 10% outperformance. Based on this assumption, we forecast an end-of-year price for gold at $1,350/oz and silver at $18/oz. We would categorise the gold forecast as being relatively conservative. Please note that a break above $1,375/oz, the 2016 high, could signal additional strength towards $1,480/oz, the halfway mark of the 2011 to 2015 sell-off. Saxos also points toward a 60c AUD. The report is on the web. Google should find it.
Gold talk starts on page 25: https://www.home.saxo/-/media/documents/quarterly-outlook/q1-full-report-2019.pdf
