phoenixTraders2020

Gold is still in a downward trend?!

TVC:GOLD   CFDs on Gold (US$ / OZ)
In recent weeks and months after the historic peak of gold prices in last August, the precious metal seems to be in a long-term downward trend. Although this been accompanied by the decline of the dollar index , but attention to the eastern markets, as well as new valuable assets such as crypto, have prevented the price of Gold from rising further and in the long run the power of sellers has increased.
However, since last week, following the rise of the Covid_19 and the unfavorable statement of US Economy in employment statistics, the number of buyers has increased so far.
Therefore, we expect that with the confirmation of the Stimulus before the end of this week, Gold price will reach its peak in the range of $ 1900. But then, after hitting the upper edge of the downtrend channel , return to its descend cycle. However, no confirmation has yet been announced on the approval of the stimulus.

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