“Trading psychology shows that inflationary sentiment has returned to the precious metals market. The outlook for silver is very positive. The yellow precious metal was able to overcome the important resistance level at around $ 1,800 per ounce and above, "- said Sean Lask of Walsh Trading.
News about new programs to stimulate the economy puts pressure on the US dollar, which is a positive factor for continued growth. “This is one of the reasons why speculative trading has grown again in the precious metals market. This is a bullish sign, ”the expert thinks. “The only big hurdle between the current gold price and $ 1,900 an ounce is the people rushing to take profits. Those investors who bought the precious metal at a price of $ 1,700 are trying to fix their profits at current levels, although the horizon is already seen at $ 1,900 per ounce. "
The economic recovery from the coronavirus crisis in Asian countries, especially India, could help the gold market return to levels this January. “Money from ETF funds will come to the market, which will allow gold to rise in price by 5% in annual terms to $ 1989 per ounce. But if the price of gold cannot stay above $ 1,800, then there is a risk of falling to $ 1706 or even to $ 1,670 per ounce, ”Shawn Lusk shared this forecast.