Firstly I want you to take a look at Gold and USD chart comparison.
So if you check the chart above you will notice that every time the USD(Blue Line) dropped then Gold (Orange line) goes up, also the trend shows USD to drop further more.
Norman Villamin, chief investment officer of Union Bancaire Privee, said "We believe we are still in the early stages of a longer cycle USD bear market. Fiscal stimulus and debt monetization should be the catalyst to the next leg of US dollar weakness.''
Fears of a vaccine pushing the gold price down are overplayed, said Lobo Tiggre of the Independent Speculator.
“I think this is another one of these overblown things. Yes, we have seen gold move on vaccine headlines, I don’t deny that, but it’s a mistake to think that 2020 gold is all about the vaccine,” Tiggre told Kitco News.
Making a bull case, Haywood analysts pointed to a “fragile” US economy and ongoing central bank “money printing” to lift expectations for inflation and put pressure on the US dollar. With that in mind, they suggested investors buy dips in both gold and silver equities.
Also Gold has formed popular Cup and Handle Bullish Pattern. Considering the world's current financial crisis gold may continue to run in my opinion. Not a Financial Advice.
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