The ultimate gold price predictions: the bull consensus is clear
Gold and silver prices are moderately down in midday U.S. futures trading Tuesday. Some upbeat remarks on the U.S. economy by Federal Reserve Chairman Jerome Powell helped to sink the safe-haven metals today. And on this day the global marketplace decided to brush off the coronavirus outbreak that continues to spread, which in turn rallied global stock markets, a competing asset class for the precious metals.
Powell laid out a generally upbeat theme for the U.S. economy. He said the U.S. economy is in a good place at present and hinted the Fed will not be lowering interest rates this year. Powell did say the Fed is closely monitoring the coronavirus situation and said it is likely to slightly impact the U.S. economy.
While the coronavirus outbreak continues to spread, it is now spreading at a lower rate of growth of new cases, which has again somewhat assuaged the marketplace Tuesday. There are now over 1,000 reported dead in China and over 42,500 afflicted. On this day the marketplace reckons the spread of the illness is getting under control and that the Chinese government, working with the U.S. and other countries, will keep the outbreak from becoming a pandemic. Traders and investors have been calmed down before on this matter, only to become anxious again. Once again, traders are markets are fickle.
The safe-haven metal is in a bullish longer-term technical posture, amid an accelerating price uptrend seen on the monthly chart. More price gains for gold are likely in 2020 and in the coming years, including new record highs coming at some point down the road. In the Short term, Gold prices could drop however and in order to take advantage of the move We are Shorting the gold at the moment hence hedging our existing silver trade.
Powell laid out a generally upbeat theme for the U.S. economy. He said the U.S. economy is in a good place at present and hinted the Fed will not be lowering interest rates this year. Powell did say the Fed is closely monitoring the coronavirus situation and said it is likely to slightly impact the U.S. economy.
While the coronavirus outbreak continues to spread, it is now spreading at a lower rate of growth of new cases, which has again somewhat assuaged the marketplace Tuesday. There are now over 1,000 reported dead in China and over 42,500 afflicted. On this day the marketplace reckons the spread of the illness is getting under control and that the Chinese government, working with the U.S. and other countries, will keep the outbreak from becoming a pandemic. Traders and investors have been calmed down before on this matter, only to become anxious again. Once again, traders are markets are fickle.
The safe-haven metal is in a bullish longer-term technical posture, amid an accelerating price uptrend seen on the monthly chart. More price gains for gold are likely in 2020 and in the coming years, including new record highs coming at some point down the road. In the Short term, Gold prices could drop however and in order to take advantage of the move We are Shorting the gold at the moment hence hedging our existing silver trade.
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