Technical analysis: Spot Gold may rise to the range of 3017-3040 dollars.
On Friday (March 14) during the Asia session, spot Gold fluctuated at a high level, currently trading at $2981.89 per ounce. Reuters technical Analyst pointed out on Friday that spot Gold may rise to the Range of $3017 to $3040 per ounce, as it has broken through the key barrier of $2979. The wave pattern indicates that wave C has been developing since $2880 and is expected to extend to the Range of $3,017 to $3040, formed by its 138.2% and 161.8% projection levels. The previous resistance level was $2979.
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Trump becomes the biggest Bullish factor, Gold hits new highs again, and another major country has bought a large amount of Gold in the past few months.
As the destructive trade policies that may be implemented by the Trump administration create market uncertainty, along with heightened geopolitical tensions globally, investors are increasingly turning to Gold as a traditional safe-haven asset. In recent months, the Iranian government has also significantly increased its Gold holdings, converting 20% of its Forex reserves into Gold. Macquarie Group predicts that Gold prices will soar to $3,500 per ounce in the second quarter, and BNP Paribas also expects future Gold prices to be far above $3,000 per ounce.
After Wall Street raised the Target Price, the price of Gold reached a new high, with New York futures gold surpassing the historic $3,000 mark.
On Thursday, the New York gold futures surpassed the $3000 mark, setting a historical high, and increased by over $50 during the day.