Growth in demand pushes gold quotes up


Current dynamics

Gold quotes continue corrective growth, trading at $ 1,855 per ounce. After the lifting of quarantine restrictions, the global demand for metals went up sharply, which naturally provokes an increase in the price of the asset.

At the moment, industry leaders are beginning to actively recover from the consequences of the pandemic, increasing gold production, which will undoubtedly affect the price of the precious metal. On the eve of the South African statistics service published data on mining for March this year. According to official data, the figure rose by 21.3%, the growth of platinum ore production was 68.6%, and gold – 10.5%. However, the volume of sales of the asset rose much higher, at 61.3%.

Thus, the strengthening of global metal production and the current negative trend in the US dollar contribute to the positive dynamics of the instrument.

Support and resistance levels

On the global chart, the price reaches the resistance line of the global downtrend and its breakdown will allow the rate to reach 2000.0 by the end of May. Technical indicators keep a global buy signal: the fluctuation range of the alligator indicator EMA is quite wide, and the histogram of the AO oscillator is trading in the positive zone.

Resistance levels: 1871.0, 1955.0

Support levels: 1815.0, 1763.0

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Libertex [CPS] WW

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