GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold shines as bright as $3,000
At the beginning of the American trading session on April 24, gold unveiled its hidden powers and was trading quite close to the $1,740 level – its highest peak of April 14.
Many analysts continue to see the yellow metal ultra-bullish, thanks to COVID-19 and the world economy falling into recession. One of the most optimistic forecasts belongs to the Bank of America. The famous financial company recently raised its 18-month target from $2,000 to $3,000. That is more than 50% of the current price level! How crazy is that?
Among the major reasons for this kind of scenario analysts of the Bank mention increased fiscal stimulus and doubling balance sheets of the major central banks. According to their point of view, fiat currencies will not be as attractive as gold.
For this year, the Bank of America sees the price of a yellow metal hovering around $1,695. In 2021, the target level is expected at $2,063.
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The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Gold price has dropped
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Latest news
Main market movements on August 11
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
All attention to NZD
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
What drives the market on August 10?
The market has started the week with a mixed sentiment…
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