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Sport Is gold now in a prolonged downtrend? - Why experts say no

05:37  29 september  2020
05:37  29 september  2020 Source:   finanzen.net

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Gold continues to move on its downward trend that has developed since the August high of around ,900 an ounce. At this point it is safe to say that the intermediate uptrend in gold is broken and new positions should be taken with tight stop loss orders put in place.

Based on that downtrend , Johnson believes that gold 's rally this year is really just temporary and investors should be careful of an impending drop in gold prices — even if Donald But that isn't to say that gold prices couldn't rise in the short-term should Trump pull through at the polls on Tuesday.

The gold price has now moved significantly away from its record high from the beginning of August. But is this just a respite or is it a sustained decline?

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

• Dollar strength depresses gold price

• Experts: US presidential election should support gold

• Donald Trump fuels uncertainty

In early August, the gold price reached a record high at just under $ 2,073. Since then, however, it has lost around 10 percent of its value.

Strong US dollar weighs on the gold price

One of the reasons for this is the resurgence of the US dollar . On the one hand, gold is traded in US currency on world markets, which means that a strong greenback makes the yellow precious metal more expensive for investors outside the US. On the other hand, like gold, the greenback is a "safe haven". Due to the recent strength of the dollar, US investments are becoming more attractive again, which is at the expense of their "competitor" gold.

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At this point in the prolonged move down in terms of price and time, all counter-trend bulls can hope for is a closing price reversal bottom. Even if there is a closing price reversal bottom, it won’t mean the trend is changing to up. All it will indicate is the buying is getting stronger, or that the selling is getting

Health experts are calling to shut down the country again. Dr. Fauci talks about heightened threats against himself and his family. “It is critically important for our public health to open schools this fall,” said CDC Director Dr. Robert Redfield in a release.

This is how "Cash" quotes the Commerzbank analyst Carsten Fritsch as saying: "The strong dollar is like a millstone on the neck of precious metal prices and increases the pressure on gold, despite greater caution towards risks."

US presidential election moves into focus

But despite this latest development, Chintan Karnani, Chief Market Analyst at Insignia Consultants, does not believe, according to "MarketWatch", that this trend will continue in gold. His reasoning: The "jitters in the run-up to the US presidential election" will ensure that the gold weakness will not last long.

And the Citigroup is bullish on the gold price for the same reason. As reported by "aktiencheck", citing a Citi study, the experts at the major US bank see the yellow precious metal climb back above the $ 2,000 mark. And they expect a new all-time high before the end of the year, because the uncertainties in connection with the US election on November 3rd may not have been factored in at the moment. This could be an extraordinary catalyst for the gold price in the final quarter of 2020.

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When the Fed prints money, gold -standard advocates say , it cheapens the value of a dollar, promotes inflation, and effectively steals money from the citizenry. In a nod to those ideas, the Republican Party’s 2012 platform calls for the creation of a commission to investigate setting a fixed value for the dollar.

Early-stage investors often receive more than 100 pitches per month, which means they need to say " no " to over 99%. Alicia Syrett, CEO of Pantegrion Capital

Trump stirs up uncertainty

This uncertainty is exacerbated considerably by incumbent Donald Trump. He had repeatedly claimed in front of his supporters that he could only lose the vote through electoral fraud.

"We have to make sure that the election is honest. But I don't know if it can be," said Trump. The background is that in view of the corona pandemic, more voters than usual are likely to decide to vote by postal vote. However, this increases the risk of election fraud drastically, criticizes the current president - but without being able to prove this.

experts deny this statement. Trump may only rumble against the postal vote, however, because it is assumed that far more supporters of the Democrats than Republican sympathizers will decide to vote by post. And since the general polls speak for an election success of his challenger Joe Biden, Trump is now railing against the postal vote.

The incumbent president added fuel to the fire when, at the end of September, when asked by a reporter whether he would ensure a peaceful handover if his democratic rival won, he replied evasively: "We'll have to wait and see what happens". For this, Trump received sharp criticism from the Democrats and even several of his own party colleagues pointed out that a peaceful handover was a cornerstone of the US constitution.

Donald Trump is making sure that the upcoming elections will possibly be the most tense in decades. This uncertainty should at least help the gold price. Finanzen.net

Trump suggests he caught COVID-19 because he let Gold Star families get too close .
Trump said that he didn't want to cancel a packed Gold Star families event at the White House despite it being "obviously dangerous.""I meet a lot of people. I have to. I'm the president of the country. I can't hang around in a basement, so I figured there would be a chance that I would catch it," the president told Fox Business' Maria Bartiromo Thursday morning.

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This is interesting!