Phil Carr
The Gold & Silver Club
Gold has been on an incredible bull-run throughout 2020, with the precious metal surging over 35% this year.
A global outbreak of the worst pandemic in history combined with unprecedented levels of quantitative easing by central banks world-wide propelled the precious metal above $2,000 an ounce for the first time ever this month.
On Tuesday, Gold retreating sharply back below $1,900 amid optimism that Russia had approved "the world's first Covid-19 Vaccine".
The announcement prompted hedge funds and investment banks into a cascade of profit-taking from Gold’s breakout run to record levels.
Overall, the bull market in precious metals remains intact.
Whilst gold remains vulnerable to further weakness in the near-term – it goes without saying – the fundamental backdrop for precious metals remains extremely bullish in the long-term. My advice is to stay nimble, use a research-driven approach to capitalize on every move with ultimate accuracy and routinely take profits off the table!
Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
Recommended Content
Editors’ Picks
AUD/USD drops toward 0.6500 after dismal Aussie Retail Sales, mixed China's PMIs
AUD/USD is extending losses toward 0.6500, hit by an unexpected drop in the Australian Retail Sales for March while China's NBS April PMI data came in mixed. Upbeat China's Caixin Manufacturing PMI data failed to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound.
USD/JPY holds rebound to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Gold prices soften as traders gear up for Fed monetary policy decision
Gold price snaps two days of gains, yet it remains within familiar levels, with traders bracing for the US Fed's monetary policy decision on May 1. The XAU/USD retreats below the daily open and trades at $2,334, down 0.11%, courtesy of an improvement in risk appetite.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
FX market still on intervention watch
Asian foreign exchange traders will be particularly attentive to any signs of Japanese intervention on Tuesday, following reports of Tokyo's involvement in the market on Monday. This intervention action propelled the yen upward from its 34-year low of 160 per dollar, setting off shockwaves of volatility.