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The rapid growth in the cost of yellow metal causes market players to be surprised, bordering on delight. Experts predict a further rise in "gold" quotes. They do not exclude that the immediate goal of the growth of the precious metal will be the mark of $1920 for 1 ounce.
On Tuesday, August 13, yellow metal quotes crossed the upper boundary of the key channel of the daily trend in the range from $1477.04 to $1510.11. A technical mid-term target of $1,514.40 was broken later. At the moment, gold continues its upward movement with the main target at $1920.75, which was 2011 high. In the long term, quotes are expected to grow to the level of the main trend target of $2205, calculated on the basis of current market volatility.
Many analysts attribute the growth of "gold" quotes to the protracted trade conflict between the United States and China. They are confident that gold will go up until a ceasefire in US-China trade relations sets in.
In the current situation, experts in the market of precious metals recommend choosing a certain position for gold and stay in it for some time, watching the dynamics of the market. They are confident that the cost of the yellow metal will continue to grow. The reason for this is a total distrust of state institutions and the financial system. This is a global trend, experts say. They emphasize that the unstable geopolitical situation creates an increased demand for protective assets, primarily gold.
Considering the further dynamics of the price of precious metals, experts believe that a local fracture in a growing trend may occur in September 2019. At the moment, the gold market is very overheated and it will need a correction in the near future. However, analysts do not expect a long fall. Most likely, gold will gain a foothold in the new range, consolidating before continued growth. The precious metal is currently trading at $1,512 per ounce with a long-term goal of $1,920 per ounce, experts concluded.
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