Gold Price Prediction – Prices Surge but As Buffet Joins Gold Rally
Gold prices rebounded sharply on Monday following news on Friday that Warren Buffet had taken a big stake in Barrick Gold. The dollar continued to trend lower, while US yields ran into resistance and eased throughout the trading session.
Central banks around the world will continue to flood the markets of liquidity and that something that is not going to change anytime soon. With that in mind, the trend higher makes perfect sense and I would anticipate it to last for quite some time. Ultimately, this is a market that I think finds plenty of buyers on dips regardless, because quite frankly most fiat currency around the world is going to continue to get crushed. Although the gold markets are priced in US dollars, at least the most common ones are, the reality is that you can buy gold in just about any currency right now and feel relatively good about it.
Investing.com - Gold prices jumped more than 2% on Monday, briefly recapturing the $2,000 an ounce perch for the first time in nearly a week, as a renewed drop in Treasury yields pushed investors back toward safe-havens.
XAU/USD: Break to new highs would turn attention to $2,400/oz Analysts at Citibank forecast gold at $2,100/oz in 0-3 months and at $2,300 in a period of six to twelve months. They point out the record pace of ETF investor inflows (aweakening the dollar) and negative real yields are the primary drivers for gold's rally.
Gold Future price has successfully broke USD2,000 this morning, reaching USD 2,003/oz. International Analyst projected Gold Future price to reach USD2,500 in near term and potential to peak USD4,000 in longer term.
Gold counters are set to be bullish for the days to come. NICE (7139) taking the lead, surged to 0.345 (gained 21%) that still far away from it's all time high of 0.53 just 2 weeks ago.
If Gold Future continue to be bullish, NICE is set to break it's all time high and potentially to reach 0.845.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
hisyam
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Posted by hisyam > 2020-08-17 23:56 | Report Abuse
1,995.25 +45.45 {2.32%} at 23:56 hrs