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[SMM summary] is gold up or down in the next stage when it breaks through the 1800 mark?
Jul 9,2020 15:16CST
Gold prices rose moderately in the previous session, with a high of $1818 / oz and a low of $1791 / oz to close at $1808 / oz, with the bullish atmosphere in the gold market unabated.
The content below was translated by Tencent automatically for reference.

SMM7 March 9: gold prices rose moderately in the previous session, with a high of $1818 / oz and a low price of $1791 / oz to close at $1808 / oz. Spot gold in London successfully topped $1800 an ounce, its highest level since October 2011. TD gold rose moderately in the previous session, closing at 399.40 yuan / kg, up 2.84 yuan. At the macro level, the intensification and deterioration of the new crown pneumonia epidemic in the United States, Brazil and other countries has aroused investors' concern. Geopolitical risks, trade frictions and loose policies in various countries have led to an unabated bullish atmosphere in the gold market. The current gold price has broken 1800 points. For the next stage, will the gold price continue to rise or peak and fall?

Institutional point of view

Austin Pickle, an investment strategist at Wells Fargo, believes that in May 2019, after six years of trying, gold finally broke through the resistance level of $1300. In the following year, gold prices rose rapidly to the next major resistance level. Given that our target by the end of 2020 is US $1800 Mustang 1900.

George Gero, general manager of capital management at Royal Bank of Canada, believes that it is a great deal of uncertainty throughout the market that has driven the price of gold to the level of $1850 / oz before a more significant pullback in gold prices is possible.

Adam Button, an analyst at Forexlive, points out that gold prices have broken through the $1800 mark and continue to climb. Gold has rebounded slowly and steadily, and volatility has been relatively low since March. Gold is expected to move in a parabola or rise by about $50 a day at some point, before which the price is not close to the top. Technically, the outlook for gold will be clear until it climbs to a 2011 high of $1921.

Yohay Elam, an analyst at FXStreet, pointed out that gold fell after hitting a nearly nine-year high, which may be due to the trigger of stop-loss orders. The next target for gold bulls is $1825. In the longer term, investors are targeting $1911 (the 2011 peak) and the $2000 mark.

Blue Line Futures chief market strategist said that the gold market will be in a state of volatility, only if the volatility is reduced, it will be able to hold steady above 1800.

Stephen Innes, chief market analyst at AxiCorp, said the market's focus is still on the United States. "if the curve of the number of infections in the United States is steeper and the epidemic is still out of control, it means that the Fed needs further stimulus, which will be another boost to gold."

HSBC (HSBC) reported that the huge uncertainty caused by the epidemic will keep gold prices higher until 2021, but then the support will weaken.

Phoenix Futures and Options analysts said that many of the positive factors supporting gold in the market are difficult to ignore. "in this environment, investors will increase their holdings of gold more aggressively, and the price of gold is likely to break through the $1900 / oz mark by the end of the summer."

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