Gold Retains Its High Levels After Its Peak

Gold Retains Its High Levels After Its Peak

Ounce Gold rose to a level of $ 2,075 the previous week, after the record refresh, limited retracement occurred with employment data from the US, and the price was at the $ 2,000 floor. Heavy damage to the economies during the epidemic period, negative interest rates and quite a lot of uncertainty strengthened the demand for gold. Precious metal gained more than 30% in the first 8 months of this year. In the USA, one of the countries most affected by the epidemic, it has been hurt especially in terms of employment, and although there is a recovery in line with the record losses in April, the situation is not like before the epidemic. In addition, the rise in the number of cases worldwide increases the second wave concerns, while the high tension between the USA and China increases the tendency to the safe harbor. The ounce price, which experienced a record increase in an environment of high political and economic uncertainty, started the new week horizontally above $ 2,000, but the expected correction has not occurred after the last rally strengthens the possibility that the upward movement may continue. Technically in ounce gold, it is followed $ 1,983 below the $ 2,035 level as the closest support, while above this level the range of $ 075 - $ 2100 is followed for future increases.