Illustration photo of Gold Price H4 Chart from TradingView.com
Gold closed at about 25% higher last year between March and August when governments and central banks were still announcing and implementing stimulus measures due to COVID-19.
The precious metal began to struggle in early August when policies implemented begin to work.
James Hyerczyk, analyst at fxempire.com, says that investors found out late last year that gold is not a safe haven asset but an investment. However, the precious metal is competing for the same investment dollars that are flowing into stocks, bonds, and higher-yielding currencies such as the AUD.
As an investment, gold began at $1461.70 and ended at $2099.20. By November 30, gold had given back 15.82% of its earlier gains. Therefore in 2021, trader reaction to 50% to 61.8% of last year’s range at $1780.50 to $1705.20 will set the tone for the year, at least technically.
Gold likely to remain underpinned in 2021 because of the U.S. stimulus measures. It may be able to shine again later this year if investors take money out of stocks and other assets. Until money starts flowing back into gold, investors are going to keep pressing other investments. This is because gold got too expensive thus tarnishing its appeal.
FOLLOWME XAU/USD Overall Sentiment (As of 11:43 a.m., Jan 4, 2021 )
Short - 54.85%
Long - 45.15%
Source: fxempire.com#GOLDTODAY##XAU/USD#
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