- July 28, 2020
- Posted in LOCAL
Gold prices are likely to continue their upward journey as investors know that the gold price has broken significant resistance. This resistance level, formed in 2011, reached an all-time high at $1921. As of today, the gold price is trading at $1943 and has reached as far as $1981. The gold price is up nearly 28% YTD.
Gold prices have recorded the longest monthly winning streak since 2012. The gold chart below shows that the gold price has recorded four consecutive months of gains. We have not seen this kind of momentum since 2012.
Gold investors know that gold price has strong momentum. For them, the current rally is only the beginning. With a global dovish monetary policy and the central bank running their money printing machine at full pace, investors hope that the gold price will continue its rally until it touches $3,000 an ounce.
From the outset, this may seem bizarre, but with a loose monetary policy in place and a significant stock market crash hiding behind closed doors, the gold price will likely continue its run.
Meanwhile, the country’s sole gold buyer Fidelity printers and Refiners now pays 100% in USD at possibly the highest price any buyer has to offer. Get today’s prices HERE