24K99>Body text Gold hits a record high! Latest gold trading analysis: bulls are ready, gold price is expected to surge by nearly $70
Early Monday morning in Asia, spot gold broke through its historical high, briefly approaching $1945 per ounce. The surge in gold prices is attributed to several key factors: rising tensions between the US and China, a weakening US dollar, falling yields, expectations of further fiscal stimulus, and a continued increase in COVID-19 cases.
Time:
2020-07-27 17:16
During Asian trading hours on Monday (July 27), spot gold maintained its sharp upward trend, with the price currently around $1932 per ounce. The well-known financial news website Economies.com published a recent article on Monday providing a forward-looking analysis of gold's intraday movement.
In early Asian trading on Monday, spot gold broke through its historical high, briefly approaching $1945 per ounce. Rising tensions between the US and China, a weakening dollar, falling yields, further fiscal stimulus measures, and the continued rise in coronavirus cases are all significant factors driving the surge in gold prices.
Economies.com wrote in the article that gold prices rose strongly after the start of trading today, breaking through the historical high of $1920.80 per ounce, and then rising further. The price is expected to rise towards our next target of $2000 per ounce. As shown in the chart, the gold price has entered a new upward channel, which is driving further price increases. In addition, from the 4-hour chart, the EMA 50 indicator continues to support the gold price.
Economies.com stated that therefore, we will continue to predict an upward trend for gold prices in the coming period. It should be noted that if the gold price falls below $1900.00 per ounce, this will put pressure on the price and initiate an intraday bearish adjustment, before resuming the main upward trend.
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