If you open up the daily chart for Gold you are going to see a strong consolidation of the price. However, we remain bullish on the Gold because Gold is always a good long term investment. The main driver for the Gold remains the safe haven demand, hence if the scenario with the pandemic gets worse all investors are going to redirect their money into the safe haven Gold.
Here is a quick coverage of the Coronavirus pandemic in the U.S. situation: The U.S. economy showed signs of progress but continued to struggle amid the ongoing coronavirus pandemic, according to a new report from the Federal Reserve. “Economic activity increased among most districts, but gains were generally modest and activity remained well below levels prior to the Covid-19 pandemic,” the central bank said in its Beige Book survey released Wednesday. “Continued uncertainty and volatility related to the pandemic, and its negative effect on consumer and business activity, was a theme echoed across the country.”
Since March, the spread of the virus across the U.S. has severely reduced demand, disrupted supply chains and pushed unemployment as high as 14.7% in April. The labour market has since shown a strong comeback, but joblessness was still above 10% in July.
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