Gold spiked to All-Time Highs, breaking above ($1920.111) during the early European session, albeit quickly retreated a bit thereafter.
There are still high concerns within in the US about the economy which could be grinding to a halt amid the ever-increasing coronavirus cases that continue to grow. News release of the advance US Q2 GDP report on Thursday, which showed that the economy has contracted by a record 32.9% annualized pace.
Gold has been sensitive to changes in interest rates alongside reacting to signals sent by the FOMC members about the condition of the U.S. economy.
I will now be observing Friday's US economic docket which features the release of Core PCE Price Index, Personal Income /Spending data, Chicago PMI and Revised Michigan Consumer Sentiment. This along with the broader risk sentiment, , might produce some meaningful trading opportunities within the market.
I think that with the turmoil ahead, Gold may surprise a few permabulls.