Technical and fundamental analysis indicate that gold will witness an uptrend.
Technically, you can see we are in an uptrend channel since Mar 2020 . We hit the bottom of the channel recently few times on Sep and Oct 7th. Now I believe Gold will resume its medium term uptrend towards 2100 or higher and what confirms that is the MACD crossover intersection which is similar to the crossover that was on March 2020, also the RSI indicate a bullish trend.
Fundamentally, we have the US elections coming which will most probably bring with it high volatility in the markets, we also have the COVID unprecedented stimulus. This will increase Money supply, inflation , and weaken the US dollar. Moreover many countries around the world are still suffering the negative consequences of the COVID panademic and this is confirmed by the huge contractions in their GDP values which were recorded during the second quarter of this year. So things are not quite comfortable.
So I believe gold will reach , at a minimum, 2100 by the end of this year. However, it is normal to expect several periods of short corrections during this uptrend.
Technically, you can see we are in an uptrend channel since Mar 2020 . We hit the bottom of the channel recently few times on Sep and Oct 7th. Now I believe Gold will resume its medium term uptrend towards 2100 or higher and what confirms that is the MACD crossover intersection which is similar to the crossover that was on March 2020, also the RSI indicate a bullish trend.
Fundamentally, we have the US elections coming which will most probably bring with it high volatility in the markets, we also have the COVID unprecedented stimulus. This will increase Money supply, inflation , and weaken the US dollar. Moreover many countries around the world are still suffering the negative consequences of the COVID panademic and this is confirmed by the huge contractions in their GDP values which were recorded during the second quarter of this year. So things are not quite comfortable.
So I believe gold will reach , at a minimum, 2100 by the end of this year. However, it is normal to expect several periods of short corrections during this uptrend.
Comment:
Markets are currently expecting a sweeping Democrat victory in the US elections which means more fiscal stimulus and this would be indeed good for gold