Low yields as a result of loose monetary policies globally are driving investors both retail and institutional to gold.
RSI indicators provided a clear sign of retreat in prices in the next immediate day. (2 occasions in July proved it)
No signs of consolidation, SMA 15 as support and $1790 price support.
$1,900 will be a short-term resistance. (psychological whole number)
Target: $2,000 by end 2020.
Some Gold Price targets.
"Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce -- more than 50% above the existing price record -- in a report titled “The Fed can’t print gold.”
"Goldman raises 12-month gold forecast by 11% to $2,000 an ounce"
RSI indicators provided a clear sign of retreat in prices in the next immediate day. (2 occasions in July proved it)
No signs of consolidation, SMA 15 as support and $1790 price support.
$1,900 will be a short-term resistance. (psychological whole number)
Target: $2,000 by end 2020.
Some Gold Price targets.
"Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce -- more than 50% above the existing price record -- in a report titled “The Fed can’t print gold.”
"Goldman raises 12-month gold forecast by 11% to $2,000 an ounce"
Trade closed: target reached
Target of $2,000 has reached. The rise don't seem to be running out of steam yet. A bearish engulfing candle at 7th August might signal price consolidation..
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.