The gold price reached a fresh 8.5-year high in the coming week, but then had to drop a bit again. After the Canadian stock exchange was closed on Wednesday due to Canada Day, today the US stock exchanges closed on Saturday due to the July 4th holiday. The trade should therefore remain thin today.
Marked by optimism
From a fundamental point of view, the week was marked by budding optimism about a potential cure for the Corona virus, but at the same time the number of cases rose significantly, especially in the USA. The US labor market report also beat the forecasts. The unemployment rate fell to 11.8 percent. Nevertheless, the gold price continues to do well. And from a technical point of view, the coming week should again be characterized by rising prices before market participants should prepare for a somewhat larger setback. However, this should form the foundation for a further rise into autumn, which should then target and overcome the all-time high at $ 1,921. Then the $ 2,000 mark, considered by many to be almost magical, should also be driven by the gold price.
Gold bull market intact
The gold bull market is intact. Even if there is likely to be a reset before the gold price is ready to rise to a new all-time high, 2020 is likely to be the year in which gold can break the mark that dates from 2011. Gold at $ 2020 in 2020? Why not. Chances are that the uncertainties, which are likely to increase as the US presidential election gets closer, can push the gold price to a new high.