UPWARD TREND IN GOLD

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The rapid rise in virus cases has dented hopes of a swift economic rebound, driving inflows into safe-haven assets such as gold, which has risen more than 34 per cent so far this year.


JP Morgan one of the leading market analyst are bullish on gold value since as predicted by us during the month of May 18 & 20, 2020.


It is also to be noted that some of the analyst at this moment are worried about inflation and deflation concern which is the main cause of concern among investor intending to buy more safe investments.  Apart from the other aspects few things are to noted that the global geopolitical situation particularly between USA and other allied countries against China playing vital role in increasing the demand of gold.   It is also noted worldwide that performance of gold during the times of crisis becomes important to have safe investment.


Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
The gold is expected to continue on upward trend for few more weeks.  The gold prices is very much expected to touch USD 2200 mark.



The figures of previous initial jobless claims was 1434k and the forecast is around 1415k.  A higher than expected reading should be taken as negative/bearish for the USD which will consequently lead to rise in gold prices, while a lower than expected reading should be taken as positive/bullish for the USD and will lead to fall in prices of gold in the international market.

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