Gold (XAUUSD) Forecast

If money continues to flow into stocks and higher-yielding currencies then non-interest or dividend-paying gold is going to struggle.

jobless claims rise less than expected

This, the last segment of our multi-part article on the current Q2 and Q3 2020 US and global economic expectations.

The gold markets pullback towards the $1800 level during the day on Thursday as markets got hit in general.

Stocks finished deep in the red as the pandemic is still playing on traders’ minds as there are still concerns that cases could rise as lockdown restrictions have been eased.

Silver gained strong upside momentum and tries to settle above yearly highs.

Gold prices pulled back from its highs on Thursday at the opening of U.S trading session

The take-away is the long-term turning point is a big deal, and gold could fall significantly before it soars due to extremely positive fundamental outlook.

The U.S. is still knee-deep in the first wave of Covid-19. So, gold should be still knee-deep in the bullish wave.

Global economic downturn and re-emergence of COVID-19 in several main markets are still playing havoc with global energy demand. The continuing barrage of positive figures presented by leading banks, financial institutions or OPEC exporters, seems to be weakening by the day.

Daily forecast and trading signals of forex majors, commodities, cryptocurrencies and indices.

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The health crisis-hit European stock markets yesterday. Continental Europe came off worse as the DAX 30 lost nearly 1%, and the CAC 40 fell over 1%, while the FTSE dropped by 0.55%.

United could layoff half its workforce

Fed says growth is slowing

Gold markets have broken above the $1800 level rather solidly on Wednesday, as we even approached the $1825 level.

Silver managed to get above the nearest resistance level and heads towards the yearly highs at $19.00.

Gold’s price is really blinking bright amidst the resurgence of the worst pandemic recorded in human history as gold Spot prices surpassed $1,800 an ounce and year-to-date inflows into bullion-supported ETFs, passed the record full-year total set in 2009.

The synchronized breakouts in both gold and silver have raised speculation about a further extension. Especially golds move above $1800 has, from a technical perspective, opened up for a move towards the 2011 record high.

I think the Fed officials were spot on in suggesting the economy is leveling off and business leaders are getting nervous.