Gold fiadollar is ready to continue its yellow rally and is trading above $1,800. According to Bloomberg Intelligence, two key drivers could push the precious metal above $2,000 per ONS.
Mike McGlone: Gold fiadollaryellow can see these levels!
Bloomberg Commodities senior commodities strategist Mike McGlone made key predictions for the gold price and identified 2 critical catalysts. Mike McGlone also emphasized that prices can rise above $2,000 per ONS. Mike McGlone adds the following to his comments on the subject:
Gold price yellow looks ripe to continue its rally, falling by about 7% in 2021 and falling by almost 20% from record highs. Two factors that could trigger a rally to August highs are a stock market reversal and a further drop in US Treasury yields. A potential catalyst for gold to break past the $2,000 per ONS resistance is some rebound in the stock market and a continued decline in US Treasury bond yields from the March peak. We see that gold is more likely to approach the $2,000 resistance than to stay below the $1,700 support in 2H. Like bonds, the metal can provide a hedge against an increase in stock market volatility.
Mike McGlone: Our gold price yellow prediction depends on them…
At the time of this writing, yellow gold prices are trading at $1,802, while the 10-year US Treasury bond yield is 1%. dropped to 3. The macro environment remains highly harmonious, with gold and bonds working together to hedge against increased stock market volatility in the second half of the year. Mike McGlone adds the following to his comments on the subject:
Our yellow gold price forecast seems almost high, especially after a good discount from the 2020 peak, with rising US debt to GDP ratio and increasing reliance on quantitative easing… The US Treasury bond yield, which is showing a lot of relief at 2 supports, is making the odds more and more likely to continue deflationary trends.
Mike McGlone: Gold symbolizes best commodity performance
Mike McGlone emphasized that oil was the biggest loser in the second half of the year, while he described gold as the best commodity performance. Mike McGlone adds the following to his comments on the subject:
We are seeing a gold bull market with good support on short-term issues but with persistent, long-term fundamentals. Crude oil’s recovery from its extreme risks in 2020 indicates that a longer bear market has been broken. Crude oil may follow peaks in timber, corn and copper.
Mike McGlone: Gold will outperform crude oil
Analysts noted that gold will outperform crude oil, citing supply-demand fundamentals. Mike McGlone adds the following to his comments on the subject:
Gold has solid foundations in the depreciation race between fiat currencies. Demand for gold may increase as technology advances rapidly and demographics change.
Bloomberg analyst Mike McGlone stated and knew that Bitcoin will see $10,000 in early 2020. Mike McGlone gave the good news of 12 thousand dollars when the Bitcoin price was at the level of 9 thousand dollars in the past months, and he knew it. In early January, the analyst said that BTC will hit $50,000 in 2021, and this level was seen in mid-February. Apart from these, Mike McGlone has other successful predictions.
Cryptocoin. com, as we previously reported, for more gold predictions “Goldman Sachs: It Has Just Begun! Gold Price Goes To These Levels” You can review our article.
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