August 4th, 2020 – a day for the history books. After the gold price briefly crossed the $ 2,000 mark in the future contract (December future) in the days before, the time had come yesterday with the spot. The gold price broke the $ 2,000 mark and was even able to move upwards in further trading. The momentum continues.
Low interest rates
“The market is looking at low interest rates,” said Bart Melek, an analyst at TD Securities. In his view, the momentum clearly speaks for further rising gold prices. There is also a short coverage.
Phil Streible, an analyst at Blue Line Futures, sees a potential target of $ 2,200 on this move in gold. In his view, there are currently two different types of investors: those who are stopped in their short position and those who are afraid of missing something. Both drive the gold price further up. “We are at a record level. The next big goal would be $ 2,110.
”That would be the real high of 2011 if you adjusted it for inflation.In fact, there is an old saying on the stock exchange: A new high leads to a new high. Nevertheless: Investors should also take a look at the chart. Both gold and more silver look slightly parabolic. Such a movement also calls for a correction.”