Last Monday, my article displayed that Gold prices were forecast to rise, with a target of $1700. As of last Friday, gold prices rose close to our long-awaited target of $1703.25 per ounce. If the Gold price breaks through the pressure level of 1703, it will open the way for the Gold price to reach a higher bullish target, and the next target is $1770.
Fundamental analysis
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At present, the inflection point of the global novel coronavirus pneumonia still does not appear. Public data show that the epidemic has killed 100000 people around the world. According to the EU disease surveillance agency, there is no sign that the outbreak peak in Europe has come.
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Economic recovery still needs larger stimulus policies, and countries around the world are taking actions in this regard. This is conducive to supporting gold prices to continue to rise.
Technical analysis
The uptrend is expected to remain in effect over the next few trading days. At present, gold price is above $1670, first target $1700, second target $1770.
Trading analysis
Make short position at $1685, Target $1670.
Then backhand make long position at $1670, Target $1700