Gold Price News and Forecast: XAU/USD – A strong strategic case intact, targets $2300 in 2021
|Gold Futures: Room for extra downside
Traders increased their open interest in gold futures markets by nearly 1.4K contracts on Thursday, extending the erratic performance and in light of preliminary readings from CME Group. In the same line, volume rose for the second session in a row, this time by around 7.2K contracts.
Gold still sees a move to $1,850/oz
Thursday's downtick in gold prices was amidst rising open interest and volume, opening the door to the continuation of the recent downtrend and exposing a move to the $1,850 mark per ounce and probably below. Read more...
Gold: A strong strategic case intact, targets $2300 in 2021 – Goldman Sachs
Goldman Sachs commodity analysts Jeffrey Currie and Mikhail Sprogis, said that there is still a "strong strategic case for gold," in its latest report.
The US investment banking giant maintained its 2021 gold price forecast at $2300.
Key quotes (via Kitco News)
"In our view, the structural bull market for gold is not over and will resume next year as inflation expectations move higher, the U.S. dollar weakens and E.M. retail demand continues to recover." Read more...
Gold falters on vaccine progress – Charles Schwab
Gold futures recent loss of luster continued on Thursday as investors weighed reported progress on multiple COVID-19 vaccines. The yellow metal had experienced a tremendous rally from the initial March 1450 pandemic low to the near 2100 August highs but the market has since consolidated wrapped around the 1900 mark while the December Gold contract (GC20) has drifted back down to test the 1850 low end of its recent price range. With the election in the rearview mirror and stimulus talks on the back burner, daily pandemic news continues to be front and center, Joe Schulte from Charles Schwab briefs. Read more...
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