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Can gold price fall below $1,700 before selloff is over? Markets eye COVID restrictions, stimulus Gold is down for the third week in a row but does this mean the bull market is over? Some analysts are beginning to reverse their expectations of $2,000 gold by the end of the year. Thin holiday trading and stop losses have contributed to gold's move below $1,800 an ounce on Friday. And even though analysts remain certain that the macro environment is still…

Global stocks hover near record high, oil skids on demand outlook Stock Markets41 minutes ago (Nov 27, 2020 01:06AM ET) TOKYO (Reuters) – Asian shares stalled near record highs on Friday as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region's economies will recovery quicker than their Western peers. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.04% but remained with striking distance of a life-time peak touched this week. Australian shares…

Peter Hug: Should gold and silver still be in your portfolio? Gold’s medium-term outlook is still constructive, and long-term investors should be using lower prices to re-weight their gold holdings, said Peter Hug, global trading director of Kitco Metals. “There’s a bridge that needs to be gapped here until this vaccine gives everybody the confidence to go back and have this economy at full bore. That is, to me going to require additional stimulus,” Hug said. “The politicians might not…

Bank of American neutral on gold price – no longer holding $3,000 target The possibility of three highly effective vaccines in 2021 has changed the landscape for the gold market, according to analysts at Bank of America Securities. In BoA's 2021 outlook presentation, Francisco Blanch, head of global commodities & derivatives research, and Michael Widmer, metals strategist at the bank, announced a significant shift in their gold forecast for 2021. The bank no longer expects prices to hit the $3,000…

Peak in gold price? Precious metal to drop below $1,650 in next two years, says Westpac Gold's record high of $2,070 an ounce was likely the peak, at least for now, according to Westpac, which sees gold dropping below $1,650 in the next two years. Risk aversion has peaked, and so has the gold price, Westpac senior economist Justin Smirk said in his November update. "2020 has seen a peak in risk aversion, central bank liquidity, and global uncertainty hence…

Gold’s big question: Can the bull market outlive a pandemic? Gold’s record-breaking bull market is facing an existential question after this month’s pharmaceutical breakthroughs: what happens to the rally once Covid-19 vaccines start rolling out?   Gold is viewed by many as the archetypal haven asset, inevitably driven higher in times of turmoil. By that logic, a beginning of the end of the crisis would signal a turning point for the rally. But the precious metal also serves as a…

Is gold price in a zero-sum game? Here's the catalyst needed to go higher Is the gold market stuck in a zero-sum game as the positive vaccine news is balanced out by high levels of anxiety due to the surging coronavirus cases? "Investors continue to reassess the risk of stricter containment measures against the optimistic prospects of a vaccine," said ING strategists. "This dichotomy may prove to be a zero-sum game for markets at the moment, and we could see…

Sentiment is mixed leading into the EU session Gold and silver are once again under pressure leading into the EU session. In the yellow metal, the stubborn consolidation low of $1848.84 is still holding but it seems vulnerable to a downside break. Silver also has a support level at a technical trend line but also the $24 psychological level is holding up the price this morning. Late yesterday and overnight much of the talk has been over the feud between…

Gold price ‘death cross’ – sharp drop signals are flashing warns Gary Wagner The 100-day and 50-day moving averages for gold have just crossed following months of a consistent differential, and this pattern is indicative of a "sharp drop" down in the gold price, said Gary Wagner, editor of the GoldForecast.com. “When the short term [average] moves below a longer term chart, it forms an X just like the Skull and Bones,” Wagner said. “Towards December of last year into…