Gold prices have skyrocketed since the start of the Covid-19 pandemic at the end of last year. Gold prices once soared to above $ 2000.00 per ounce before falling to $ 1750.00 per ounce this week.
The fall was due to market optimism over the discovery of the Covid-19 vaccine as well as the announcement of several countries that are ready to buy and adopt the vaccine.
Over the past 3 months, the price of gold has fallen to $ 1760.00, but is back sharply this week. The price is currently trading at $ 183.89 per ounce. If measured using fibonacci retracement, the price is now close to the significant level of fibonacci retracement.
The price is likely to reach the level of 50.0% fibonacci retracement or maybe to the level of 38.2%, before it is likely to return. The expectation of gold prices to fall again is based on a situation where the discovery and use of the Covid-19 vaccine will certainly restore confidence in the economic recovery as well as investors and traders will choose a market that is more risky than gold.
AHMAD FAIZUDDIN BIN RAZALI
CHIEF ANALYST OF CDG GLOBAL
GOLD PRICE HAS POTENTIAL DOWN TO THE LEVEL BELOW $ 1800.00 IF THE VACCINE PROGRAM IS CARRIED OUT ON A GLOBAL SCALE
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