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Today’s news is all about the price of gold (and a little bit about silver)—one analyst explains why gold could make a run to $2250, and Bloomberg Intelligence analysts are forecasting gold to possibly reach $4K/ounce by 2023. We close out today’s news with three reasons why gold could reach $2400 in the next twelve months. All that and a bag of gold chips for you today.
Let’s dig in…

Price
Gold Price Analysis: Nears Descending Triangle Resistance
On the daily chart, you will see how gold has carved out a descending triangle. Currently, the yellow metal is trading near the upper end of the triangle. Having jumped 0.89% on Monday, gold is now closing on the upper end of the four-week-long descending triangle pattern seen on the daily chart. A close above the triangle resistance, currently at $1,970, would imply revival of the broader uptrend and expose the record high of $2,075 reached on Aug. 7. On the way higher, the yellow metal may encounter resistance at $$1,992 (Sept. 1 high) and $2,016 (Aug. 18 high).
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Latest News
FOREX-Dollar Goes Soft as Sentiment Recovers on Vaccine Hopes and Deals
The dollar dropped against riskier currencies on Tuesday as hopes for a coronavirus vaccine improved with the latest news of big corporate deals improved investor appetite for assets like the yuan and the euro. The dollar index dipped to 93.029, slipping further from a one month high of…
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Commentary
This Forecast See’s Gold Outperforming Silver into Year-End, & $4K Gold Price by 2023
Gold is poised to outperform silver to close out 2020, according to Bloomberg Intelligence—and their analysts see the yellow metal possibly reaching $4K by 2023. They believe the gold bull rally is only the beginning of much bigger things to come. “The done-deal nature of continued central bank easing is a solid foundation for gold, but less so for silver and copper prices. Industrial metals are dependent on more fiscal stimulus and a global economic rebound, yet increasingly vulnerable to normal stock-market mean reversion,” wrote Bloomberg Intelligence senior commodity strategist Mike McGlone in the latest monthly commodity update. READ MORE ([link removed])
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Commentary
Hedging Against Asset Inflation with Gold
Time for a more sober, bearish outlook on the economy—the U.S. has experienced one of the most damaging drops in GDP in history, record unemployment, and impending inflation which signals tragedy for the U.S. economy. With the U.S. Federal Reserve reiterating its dovish stance and refusing to acknowledge inflation in the form of a soon-to-rupture asset bubble, things could be about to get worse. In the States, core inflation is pegged at around 1.6% — a figure, in the Fed's opinion, which is still too low compared to its target of 2%. This means one thing: The Fed's dovishness isn't going away any time soon. Over the next few years, we can expect interest rates to stay flat and core inflation to creep up to this predetermined level. But as consumer prices — a metric that informs overall inflation — start to creep incrementally higher, asset price inflation, including housing and the equities market, is
skyrocketing.

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Commentary
Could Gold Make a Run to $2,250?
Do you follow analyst Chris Vermeulen? If you do, you know his research follows gold and silver closely. Here’s what he recently had to say: “I believe Gold has completed a Pennant/Flag formation and has completed the Pennant Apex. Further, a new momentum base has setup near $1,925~1,930, near the upper range of our Adaptive Fibonacci Price Modeling System’s support range. My team and I believe the current upside price move after the Pennant Apex may be the start of a momentum base rally targeting the $2,250 level or higher. We believe the current momentum base in gold, near $1925, will prompt a… KEEP GOING
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Price
3 Reasons Why Gold Will Reach $2400/oz. Over Next 12 Months
Analysts at Citigroup cite three reasons why gold’s bull trend remains intact while traders target $2400/ oz over the next 12 months. HERE ARE THE 3 REASONS ([link removed])
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Gold Silver Central

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