China’s gold price approaches the $1800 level

After profit-taking helped bring down the price of gold to the level of $1763, and amid pressures on the dollar, the price of gold bounced higher on April 21 to the $1788 resistance. At the beginning of this week's trading, the price of gold jumped to the resistance level of $1791.
About the performance of the gold price, Adam Cause, President of Libertas Wealth Management Group, said that gold prices have risen since hitting a double bottom on March 30th, referring to the chart pattern that indicates a possible upward reversal in prices.
The analyst attributed the rise in gold since late March to the decline of the US dollar during the same period, as well as the decline in interest rates, which have become a very overbought area, and the long-term US stock market, which is due to a decline.
Regarding the price of gold, analysts say: “The gold trade was not overly focused on physical demand, as the market instead alternated between interest rates, currency and deflationary issues. In the near term, gold is likely to be vulnerable to the threat of Indian demand and higher interest rates in the United States, but it benefits from the weakening of the dollar and, perhaps to a lesser extent, deflationary psychology.” 
Gold is often seen as a hedge against inflation.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished