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Abstract:Gold prices this week sharply rose above $1,800 after a rally as high as $38.09.
WikiFX News (5 Dec.) - Gold prices this week sharply rose above $1,800 after a rally as high as $38.09. The positive dynamic was a result of markets' betting on US fiscal stimulus bill. Amid risk-on market dynamics, gold will see a bearish picture in the medium term but a bullish outlook in the long run.
Recent headlines stated that the president-elect Biden had nominated former Fed Chair Janet Yellen as the US Treasury Secretary, a position in which she may provide more support to pull the economy out of the ditch.
Besides, the roll-out plan of Covid-19 vaccines will bring down unemployment but ratchet up inflation. Some agencies reported a marked acceleration in US production growth to the fastest for just over six years, reflecting a pick-up in the pace of manufacturing's recovery in November. Despite pandemic resurgence, companies remain upbeat about their long-run prospects, which pushes inflation higher, boding well for gold.
In the medium term, markets will embrace buoyant risk appetite on vaccine progress and US political stability. Thus the haven-linked gold will suffer further pressure. In the long run, however, gold will revive along with the recovery in the global economy
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Chart: Gold Trend
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The trend of gold on the daily chart is in line with technical requirements.
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