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Recently, gold climbed above $1,750 coming to test the resistance of May’s high of $1,764. That came as a result of a decisive day-long march upwards on Friday where it left the base at $1,722. What does it mean?
Friday was pretty full of second-wave fears and social clashes. Until now, both remain on the radar. Therefore, until we see people leave the streets and calm down, specifically in the US, and investors finish factoring in the reoccurrence of the virus at a large scale, gold will have the full right to rise.
Technically, we may well see more aggressive growth of the gold price. On the daily chart, the current rise to the highs of $1,750 and above merely completes the latest sideways episode at the higher border of the channel. In the meantime, the overall trend still has a lot of room for further advance upwards.
In the long-term, however, there is little evidence – so far – to expect the current curve (“2”) to be as steep as it was during the crisis of 2009-2010 (“1”). At the same time, while it has a milder inclination, it still has not entered the rounding-up stage, which geometrically is likely to open at approximately $1,800. For this reason, it is safe to assume that the current uncertainty about the second wave and other global issues will provide enough fuel to drive the gold price to $1,800 almost in a straight trajectory. Later on, however, it will ease if the global environment improves. If it doesn’t – the upward curve is still there…
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.
A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.
The mix of economic reports from Canada and the USA will have a huge impact on the pair! Get ready with us!
GBP/USD is heading for the fifth week of gains. Will the rally up continue or stop?
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
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