Gold has been on the rise since last spring. After a phase of consolidation (flat correction over the past few weeks, following the posting of a new all-time high at nearly $ 2,075 an ounce), technical and mathematical parameters suggest an imminent return of volatility. While it is carried by its moving average at 50 sessions, the price of the yellow metal is expected to gain ground in the event of a confirmed overflow of the resistance zone of 1.965-1.993 dollars. Conversely, however, caution should be exercised in the short term if support at $ 1,900-1,930 is confirmed to weaken.

More fundamentally, 3 parameters will have to be closely monitored in the coming months, for the future evolution of the gold price, according to a survey by the London Bullion Market Association (which manages the London Gold Stock Exchange, the most of the planet) from precious metals specialists. “The most important elements for the price of gold are negative real interest rates (for 28% of respondents), followed by the weakness of the dollar (24%) and the US elections (20%)”, reports Laurent Schwartz, director of the Comptoir national de l’Or. And this, while at the beginning of 2020, “38% of these specialists estimated that the most important element would be economic and geopolitical tensions (Brexit, American elections, Sino-American tensions), 35% cited American monetary policy and 15% physical demand from Asia ”, recalls the expert.

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Gold often moves in reverse of real interest rates

The movement of interest rates has traditionally been a key consideration for the outlook for gold prices. “While generally viewed as a hedge against inflation, the price of gold has mostly followed real returns (real interest rates, i.e. interest rates minus inflation, editor’s note) during the last

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