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According to analysts, the long-awaited economic recovery will begin in the spring of 2021 thanks to fiscal stimulus. There are fears that the stock market could collapse, as the value of some securities is overvalued. Nevertheless, developing countries are still attractive for investment.
In addition, during this year, the US dollar will continue to depreciate, and the precious metals market will show positive dynamics. Experts believe that gold will rise in price to $2,100 per ounce, while silver may overcome the level of $50 per ounce.
Nevertheless, in the near future, gold may continue to fall, but at some point, the trend may again reverse to the upside, analysts say.
Now the situation is like in March 2020, when the pandemic and the closure of businesses began. Then the value of the precious metal started to decline, as investors were afraid of uncertainty.
Amid inflation and rising unemployment, retail investors are starting to feel nervous. During such periods, they withdraw their investments from risky assets and prefer to accumulate cash. This, in turn, has a negative impact on both the stock market and the price of gold.
Meanwhile, gold futures for February delivery is trading at $1,848.70 per ounce. The support level is at $1,800.80 and the resistance level is at $1,856.60.
Silver for March delivery was up by 0.72% to hit $25.503 a troy ounce, while Copper increased by 0.04% to settle at $3.6310 per pound.
The US Dollar Index Futures, which measure the US dollar against a basket of six major currencies, lost 0.12% to trade at $90.365.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
