Technical analysis
- Ranging top channel of the chart on hourly, 4hr, daily and weekly.
Fundamental
- Gold reached periodic highs due to intense economic pressure from covid 19 pandemic i.e reduced interest rates and unemployment. This along to do with the fed pumping trillions into the markets to stabilise in March.
However we could see stabilisation from the pandemic in short term future and recoverable economic growth.
- Individuals are looking for hedges against inflation. Gold has always been the relatively buoyant option, however bitcoin has become an increasingly popular alternative which could have reduced buying pressure on gold.
- Ranging top channel of the chart on hourly, 4hr, daily and weekly.
Fundamental
- Gold reached periodic highs due to intense economic pressure from covid 19 pandemic i.e reduced interest rates and unemployment. This along to do with the fed pumping trillions into the markets to stabilise in March.
However we could see stabilisation from the pandemic in short term future and recoverable economic growth.
- Individuals are looking for hedges against inflation. Gold has always been the relatively buoyant option, however bitcoin has become an increasingly popular alternative which could have reduced buying pressure on gold.