updated: Jan 14 2021, 15:51 ist
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC).
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
The report, titled Gold Outlook 2021- Economic recovery and low interest rates set the tone , also said although global economic growth is likely to remain anaemic relative to its full potential for some time, gold s more stable price performance since mid-August may foster buying opportunities for consumers.
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, , World Gold Council (WGC), global economy, economic recovery
Gold Price (XAU/USD) Stalls at Resistance
Gold Outlook:
Golden cross provides hope for the bulls Advertisement
Gold prices continue to trade sideways as US Dollar weakness works to buoy the precious metal but not enough to break the declining trendline which has prevailed since XAU/USD reached its peak in August. Delayed votes and sticking points in the fight for another coronavirus aid package in the United States have had modest impact thus far as investors look to the precious metal with mixed sentiment.
Gold Technical Analysis
Since reaching its peak in August, Gold continues to trade within confluent zones, highlighted by the Fibonacci retracement levels, with price action bouncing between support and resistance. However, the downward trajectory which has prevailed since August must still negotiate interest from bulls who are eager to push above the key psychological level of 1900.
Bitcoin, S&P 500, Gold Outlook: How Can Short Bets Drive Prices into 2021? 2020-12-23 03:00:00 Daniel Dubrovsky, Strategist
Bitcoin, S&P 500, Gold, Technical Analysis, Retail Trader Positioning - Talking Points
Bitcoin may resume rally as short bets accumulate
The S&P 500 may also follow a similar path higher
Gold prices weakening, but recent uptrend holding Advertisement
In this week’s session on IG Client Sentiment (IGCS), I discussed the outlook for Bitcoin, the S&P 500 and gold. IGCS is typically a contrarian indicator. For a deeper dive into where these assets may go, including a deeper discussion of technicals and fundamentals, check out the recording of the session above.