GOLD: resurging

GOLD: resurging

Key indicators

Performance in 2020: +1.6%

Last day range: $1,481 – $1,560

52-week range: $1,266 – $1,700

Technical levels

Resistance $1,590

Support $1,536

What happened

Recently, the US Fed announced an unprecedented “all-inclusive” quantitative ease program that aims to shield the American economy from the risk of high borrowing costs. Consequently, that should reassure available funding at healthy rates and keep the economy going. This action switched the investors’ mood. Previously, they were dumping all assets including gold in order to ensure cash at hands – that’s why the precious metal has been losing value for the last two weeks, and the US dollar has been mostly growing stronger. Now, with the Fed’s measures, the cash circulation in the economy appears to be somewhat guaranteed. Hence, the investors are getting back to the healthy flight to safety mode. Consequently, gold gets back to enjoy high demand and rises in value. Goldman Sachs comments this may be a good moment to buy the precious metal.

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