Gold is the 79th element in the periodic table with symbol AU. In its pure forms it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. It is a transition element of group 11. It is very less reactive.
Gold has been used as currency for a very long time. The paper money that we use today is a receipt against a gold coin. In the monetary system called the gold standard, a given weight of gold is given a unit currency. It is different for different currencies. That is why the different currencies cost different.
Gold has been the basis of the economic capital for a very long time. Before the modern currency, gold was used as currency. As of 23rd March 2020, the price for 1 gram gold in USD is 55.50 (xauusd).
Forecast for Gold Price
Recently, the gold prices came down from their max in more than seven years that were 1,751 USD. Along with this the Relative Strength Index (RSI) also rose to 63 which indicates bulls were in-charge. Later on, the price for gold closed the candlestick with a 2.3% gain.
The trend for Gold Prices may reverse
The xauusd prices at https://www.webull.com/quote/fx-xauusd might lose its steam on approaching 1800 USD/oz. The negative steepening RSI divergence tells that upside momentum is going away and it may lead to the reverse trend.
Gold prices gain due to US-China tension
Crude oil and gold prices are staying up despite the improved market signs of increasing strain in the relations among the largest economies of the world – The US and China. There is no sign of hope of a decrease in the tension between the two nations.
The Gold/Silver ratio
Silver prices are not increasing as fast as the gold prices are increasing. As a result the gold/silver ratio is increasing fast and is not expected to decrease any time soon even when the corona tension fades away.
The stock prices of gold are doing great. Most of the analyst suggest buying gold. The prices are expected to rise more in the upcoming time.
US Recession Watch, May 2020 – US Yield Curve Hides the TruthUS Recession Watch Overview
The curve of US Treasury yield is impacted due to the Federal Reserve’s stimulus efforts, keeping the short-end of the curve relatively calm during a period of otherwise significant volatility. As such, there is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming. You can also check axu stock at https://www.webull.com/quote/amex-axu .