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8 weeks and counting. Gold is on fire

August 5, 2020 by Mario Soto

Just when you though it couldn’t go any hire the bulls line the street and take charge picking up everything around the $2000 mark. Already on an 8 week rally, bullish traders take bids near $2020. Once again proving to be the safe haven for traders and investors alike, the yellow metal has risen more than 32% for the year thus far. Although it has broken through the psychological barrier of $2000 a correction is most likely to come. I would look at the a support level of $1875 to be hit first and a break beyond that see $1830 as the next target. But with this in mind, overall the metals long term outlook still remains bullish.

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