Gold fell high price of “gold” today for only 24 hours, but then returned to $ 1,700 an ounce, due to Trump’s threat to China to impose tariffs due to Beijing’s irresponsible behavior in dealing with the outbreak of the Coronavirus, amid the disaster in the United States.
high price of “gold”
“Gold prices are rising with economic uncertainty, and the possibility of tariffs returning to Trump,” Moya says, “Moya works with the O N D A.” He continued: “The economic recovery takes a long time, especially after the upcoming recession.”
Gold contracts, for June delivery, rose by $ 6.60 an ounce, at $ 1700.90 an ounce. However, on the weekly basis, losses were close to $ 35, or 2%, with the return of risk appetite, Wall Street progressing, and news of Coronavirus treatment.
As for gold in spot transactions, it jumped $ 16.30 an ounce to $ 1,702.88 an ounce and recorded a decline of 1.7% for the week.
Trump said later on Thursday that the trade agreement with China signed in January was second only to the Coronavirus, which Trump claimed China had created.
“Optimism about gold was doubtful, with increased stimulus efforts from central banks around the world, but it appears to have received new support from a tariff war that seems likely to rise,” Moya said.
AND analysts say gold remains at 1,700 may be strong, but there is a risk of falling.
“During previous market collapses, gold usually loses its status as a safe haven but resumes its rise with the start of a recovery. The US economy is at risk now, so Trump will most likely not apply its tariff threats.”
Joshua Graves, the chief market analyst at RGO, says the most important level for gold is $ 1,790 an ounce.
“If we don’t reach and breakthrough this level, the bulls will have no reason to stay in the future.” “There has to be something new that gives the bulls a boost, and the liquidation of shares will not do this, we know this because we tested it in March