World Bank Raise Gold Price Target Gold Price Continues to Rise for Two Days
Investors are worried about the global economic recession. The international gold price has risen for two consecutive days. The gold price has reached a two-week high. If calculated by the closing price, it will reach a seven-year high and buying will continue to emerge.
The next wave will be developed. After a sudden drop at the beginning of the week, the spot oil and oil finally started a stronger rebound. The spot oil doubled to a high of US$ 19.
The market recovered from the panic over oil prices. However, since the outbreak began, U.S. stocks and prime oil have gone through a series of positions washing. The market demand for safe haven is very hot.
It supported the recent rise in the US dollar and gold. After a successful bottom-up in the middle of the week, the gold price surged to US$ 1739 again yesterday. It was held back by last week's double-top resistance, but the rise was not reversed.
The World Bank also issued a report saying that gold prices are expected to rise 15% in 2020, which means there is a good chance of hitting the US$ 2,000 mark again. The World Bank said that in the long run,
The epidemic may have a lasting impact on the demand and supply of commodities, affecting commodity exporters and importers. Falling demand will lead to a 13% drop in metal prices.
However, gold is expected to benefit from hedging and hedging needs and become a target for hot money inflows, up 15% this year. Technically, although gold price was subject to double-top resistance before 1740 yesterday,
However, the low rebound is strong and the upward trajectory is healthy. If you vomit back to US$ 1715.50, you can absorb it again. As long as you can stabilize the two-day upward trend before the close of the market tonight,
The consolidation is expected to be completed and will see a more drastic increase next week.
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