The gold price has reached the target price of 2000, and the production cost of gold powder is higher

Affected by safe haven sentiment, spot gold surged during trading on Friday (March 7th), with gold prices briefly breaking through $2000 per ounce. The well-known financial news website Economies.com recently published an article on Monday, providing a forward-looking analysis of the intraday gold trend.

Spot gold hit a high of $2000.96 per ounce on Monday, setting a new high since August 2020.

Economies.com wrote in the article that gold prices started trading strongly today and hit our target price of $2000.00 per ounce. The gold price has broken through the resistance of the bullish channel, indicating that it will further rise in the coming trading days, with the next major target set at $2050.00 per ounce.

Economies.com states that, therefore, it still predicts a bullish trend for gold prices both within the day and in the short term. It should be pointed out that if the gold price falls below $1973.60 per ounce, it will drive the gold price to start bearish adjustment and then resume upward momentum.

Economies.com predicts that gold prices will trade between the support level of $1970.00 per ounce and the resistance level of $2010.00 per ounce today.

Economies.com stated that the expected trend for gold prices today is bullish.