ANZ Research discusses its new Gold forecasts.

"Strong US economic data and consequent repricing of the Fed’s terminal rate will drive the gold price in the short term. We expect the Fed will pause its interest rate hiking cycle this year. This should lower the USD and leave US real yields intact, then lift gold prices in coming quarters," ANZ adds. 

"We see limited downside, with a 0-3mth target of USD1,800/oz. We have lifted our year-end forecast by USD100/oz to USD2,000/oz. Technically, bullish momentum is continuing after breaking the range of USD1,845-1,850/oz on Friday. Gold needs to trade high to continue this momentum," ANZ notes.