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Investors choose reliability

Olymp Trade

Gold returned to the zone of $1510-1525 per ounce at the end of the trading session on Wednesday and continues to consolidate in this area. Despite the strong volatility caused by geopolitical factors, gold chart still looks bullish. It is likely to see an update to the new annual high around $1550 in the short term.
If China really implements some response to the introduction of 10% duty on it’s goods, then the current risk-off mode for traders will only increase. And safe-haven assets, especially gold, will receive additional capital. Capital flight is becoming so large that the yield spread between two- and 10-year bonds in the US and the UK fell below zero. It is believed that the inversion of the yield curve is a leading sign of recession. Investors choose reliability, and this trend will stimulate further growth of gold quotes.

Canadian investment bank TD Securities predicts the value of the precious metal at $1585 per ounce and more: “in the conditions when the Central banks begin to pursue a non-standard monetary policy, there is a high probability of gold price rise to $2000 per ounce”.

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Source: https://olymptrade.com/
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