Gold price breaks $2,000. What type of recovery can US & EU expect? (Video)

Gold price breaks $2,000. What type of recovery can US & EU expect? (Video)

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Originally published on The Duran on 2020 08 07 by Alex Christoforou https://theduran.com/gold-price-breaks-2000-what-type-of-recovery-can-us-eu-expect-video/Via Mining.com (https://www.mining.com/gold-price-rally-testing-2000-hurdle/)…

Bullion has surged more than 30% so far this year to a record high and is one of the best-performing assets in 2020 as a result of increased safe-haven demand during the coronavirus pandemic.

Investors are driven by the belief that the metal will hold its value better than other assets as fallout from covid-19 ripples through the global economy.

In the US, the world’s largest economy, central bank stimulus has pushed inflation-adjusted bond yields to record lows, making non-yielding gold more attractive. The dollar has also weakened sharply, making bullion cheaper for buyers with other currencies.

“The never-before-reached $2,000/oz is a major psychological resistance level, with gold’s 49-year trend channel resting just below it at $1,983,” said Commerzbank technical analyst Karen Jones.

“Only an end-of-month or, better yet, end-of-quarter close above these levels will signal a break from the channel,” she added.


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Copywriter and marketing consultant. Author of 'Stories And Recipes From The Soup Kitchen.' Freedom lover, adventurer, and treasure hunter.

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