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Goldplat plc

Gold Is Heading Towards $1,400, Not $1,200

The gold market gauge is turning from bear to bull, with the metal most likely heading higher towards $1,400, according to Bloomberg Intelligence (BI).

Gold will not be stuck around the $1,300 level for much longer, with the market waiting on peak U.S. dollar and more volatility in the equity space to push prices higher, said BI senior commodity strategist Mike McGlone.

“Stuck close to $1,300 an ounce in 1Q, gold is set to head for resistance at $1,400 instead of continuing to consolidate and revisit $1,200. It has been six years since gold traded above $1,400 vs. just a few months ago when it was below $1,200, yet headwinds are dropping fast, with a lofty dollar the primary remaining holdout,” BI’s April report stated.

Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana. The Company also has a small gold mining and exploration portfolio in Kenya, Ghana and Burkina Faso.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.