Gold bounces off the ascending channel’s lower boundary support as a bullish impulse emerges.
There is an "over-exuberance" in the financial markets right now with investors piling into assets that don't have any real value, said Barrick Gold CEO Mark Bristow, adding that gold price will see another spike higher.
Even though gold has been stuck in a narrow trading range for the past month, Standard Chartered still sees the precious metal hitting new all-time highs in the second quarter of this year.
Spot gold went sideways on Tuesday, as markets digested an as expected testimony from US Treasury Secretary nominee Yellen.
Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.
The 6-month cycle in gold bottomed in November, and prices are confirming a breakout. Silver and platinum are leading the surge higher and are displaying explosive potential.
Gold Price Futures (GC) Technical Analysis – Closed Inside Key Retracement Zone at $1894.60 to $1870.30. Gold futures edged higher in holiday-thinned trade on Thursday.
Based on the optimism that the House and Senate had reached an agreement in regards to the revised bipartisan fiscal stimulus bill on Sunday, gold futures traded to an intraday high of $1912 overseas last night in London.
Next year will lay out a path for a new normal as COVID-19 vaccines are distributed and the economic recovery gets underway.
Gold Price Analysis: XAU/USD remains trapped between key DMAs ahead of Fed week. Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-$1800 in the last week.