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About UsFocusing on the green mineral materials sector—high-tech and high-value-added products—we are rooted in the domestic market while expanding globally. We have now grown into an international holding company whose business scope covers industries such as mine development, ore dressing and smelting, and environmental protection technology.
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Gold Prices Soar, Breaking Key Target Levels! Latest Technical Analysis: Gold Could Surge Another $50
Release time:
2020-04-14
On Monday (April 13), spot gold surged, with prices climbing by more than 1.5% during the session to reach their highest level in over seven years. In early Asian trading on Tuesday, spot gold was hovering around $1,720 per ounce. The well-known financial news website Economies.com has just published an article analyzing the future outlook for gold prices.
Analysts note that panicked investors are flocking to gold, a safe-haven metal, amid concerns about the impact of the COVID-19 pandemic on the global economy and U.S. corporate earnings.
Spot gold climbed as high as $1,722.60 per ounce during Monday’s session and closed at $1,712.66 per ounce, up $23.76 or 1.41%.
Economies.com wrote in an article that gold prices have rebounded and broken through our primary target level of $1,703.25 per ounce. With gold holding above this level, the outlook remains for a continued bullish trend in the medium to short term.
Economies.com cautions that its next target for gold is $1,770.00 per ounce. On the 4-hour chart, the 50-period EMA is providing support for gold prices.
Economies.com added that gold prices must remain above $1,703.25 per ounce for the current rebound to continue.
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