At the end of the Asian market on Wednesday, spot gold suddenly rose rapidly in the short term, and the gold price just broke through the $1,970/ounce mark.
If the price of gold overcomes the key resistance of $1,975.00 per ounce, gold is expected to see a greater rise. Driven by the plunge in the U.S. dollar, spot gold closed up $16.85, or 0.87%, on Tuesday at $1,962.94 per ounce. Gold prices closed above $1,962.35 per ounce yesterday. Gold prices rose after the start of today's trading, which supports expectations that gold prices will continue to rise during the day. Gold prices are currently waiting to test the key resistance of $1,975.00 per ounce. Breaking above the above resistance will be a key factor for gold prices to regain the main bullish trend and move further towards the next target of $2000.00 per ounce.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.