The price of gold experienced a significant boost this week as several countries in the world began to re-enact lockdowns to suppress the spread of the corona virus.
After closing at $ 1775.25 / toz on Friday last week the price of gold continued to increase streaks from the beginning of this week and even penetrated $ 1800 / toz, a number not seen since 2011 ago. This is inseparable from investors' lack of confidence in the economic recovery which has begun to come back under pressure from the soaring new cases of the corona virus, which has made them seek refuge in haven assets.
Many analysts have predicted that gold will penetrate the $ 1800 range when the corona virus outbreak occurred but it had experienced obstacles when the United States and several countries in the world re-unlocked them with optimism that the economy will improve and return to normal.
The increase in gold is predicted to not find significant obstacles and will continue until the end of this week even the prediction of a decrease in unemployment in the United States whose data will be released today (Thursday 9/7/20) seems to only provide a small obstacle to the pace of gold This is due to the high buying interest and the absence of signs of a decline in the new case of the corona virus which greatly affects the global economy.
Author: Marvy.B
Note : This paper is only an analysis and not as a definite reference. Keep in mind the development of fundamental and technical aspects of transactions and investment decisions.