The RBA will make a rate statement on August 4 at 7:30 MT time.
Gold shines as bright as $3,000
Information is not investment advice
At the beginning of the American trading session on April 24, gold unveiled its hidden powers and was trading quite close to the $1,740 level – its highest peak of April 14.
Many analysts continue to see the yellow metal ultra-bullish, thanks to COVID-19 and the world economy falling into recession. One of the most optimistic forecasts belongs to the Bank of America. The famous financial company recently raised its 18-month target from $2,000 to $3,000. That is more than 50% of the current price level! How crazy is that?
Among the major reasons for this kind of scenario analysts of the Bank mention increased fiscal stimulus and doubling balance sheets of the major central banks. According to their point of view, fiat currencies will not be as attractive as gold.
For this year, the Bank of America sees the price of a yellow metal hovering around $1,695. In 2021, the target level is expected at $2,063.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!