As of now the analysis of the chart shows that gold is in an uptrend and we may be again heading towards the 50000 mark. We have seen bottom being formed around 44000 marks and thus near future, we are likely to see it touching to 50000 mark.
Why we are saying so as History repeats itself. In 2013/14 we had Gold peaking around the 33000 mark and formed a low of around 24000 and again headed towards the 30000 mark and stayed at that point till demonetisation when a sudden spike was seen in Gold prices.
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Gold Elliot wave Analysis Chart
Further this news from China about gold will give an impetus to gold price.
China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support gold prices after a months-long decline.
China is the world's biggest gold consumer, gobbling up hundreds of tonnes worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up.
With China's economy rebounding strongly since the second half of last year, its appetite for gold jewellery, bars and coins has also recovered, and since January domestic prices have been higher than global benchmark rates, making it profitable to import bullion.
Around 150 tonnes of gold worth $8.5 billion at current prices is likely to be shipped, four sources said. Two of the sources said the bullion would be shipped in April. Two others said it would reach China over April and May.
The bulk of China's gold imports typically come from Australia, South Africa and Switzerland.
The size of the shipments signals China's dramatic return to the global bullion market. Since February 2020, the country has on average imported gold worth around $600 million a month, or roughly 10 tonnes, Chinese customs data show.
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