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On Wednesday, February 13, gold prices continue to rise gradually just like the day. Experts believe that this was driven because of the euphoria in global stock markets due to optimistic expectations on the US-China trade negotiations. Quotes of the yellow metal hold at $1,300 but can not overcome the $1,315 mark in more than a week, analysts say.
Last week, the gold market sagged twice to the level of $1,306 per troy ounce, where a correction occurred later. Based on the calculations of analysts, the recovery of the price of gold to the level of $1,330 is impossible unless the support level of $1,299 is overcome. The yellow metal will continue to consolidate in the range of $1,250 to $1,360 per troy ounce and its future price will go up. Fixing above the level of $1360 will lead to a rapid increase in the value of gold to $1,520 and possibly in a few months to $1,690 per troy ounce, experts say.
Recently, a sharp increase in the volume of gold bought higher by central banks of developing countries was recorded on the market of precious metals. Experts explain this by increasing geopolitical tensions and increasing risks of "freezing" assets in the United States and Europe. As a result, government emerging markets are invested in safe assets, which include gold and other precious metals.
The current trend of the yellow metal price demonstrates that some investors are cautious and are not in a hurry to get rid of defensive assets in case of another shutdown by the US authorities or regression in the US-China trade negotiations. According to analysts, gold will continue to consolidate in the short term. They are confident that the likelihood of a price falling below $1,300 at this stage is low, but the prerequisites for overcoming the mark of $1,315 are also not observed.
Analyzing the current situation on the gold market, experts mentioned further strengthening of the yellow metal. On their estimates, the moderately "bullish" medium-term outlook for gold will worsen in the case of negative economic statistics, especially from China and Europe.
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