I enjoy reading what the experts forecast about gold – currently under a very bright spotlight.
Here are some which I came across:
UBS economist foresees the yellow metal’s price to move up to $2,300 per ounce in the near term. However, no definite forecast of duration was given. This prediction is based in the event of ‘an escalation of geopolitical tension’.
Goldman Sachs also echo UBS – by forecasting the yellow metal to hit $2,300 in the next 1 year. This is based on the account of rising concerns over the Greenback (USD) status as a long-standing global reserve.
Analysts at Credit Suisse, on the other hand, are even more bold in their forecast – forecasting a rise to $2,500 should a perfect storm happen. A perfect storm is defined as ‘an especially bad situation caused by a combination of unfavorable circumstances.’The current events could very well lead up to a perfect storm - with the rising US-China Crisis, the yet to be resolved Covid19 situation, the internal political turmoil within US.
Needless to say, as traders, it is better for us to work out own analysts and be sure of them – considering advice from the experts but balancing it with our research and data. Then, we can step forward confidently in our trading decisions.
Gold was seen trading at $1, 993 levels today, and was observed to have faced rejection at $2,015 yesterday.
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