Gold Price Forecast: XAU/USD Jumps to Monthly High, Aims Higher
2020-12-17 21:00:00
Peter Hanks,
Strategist
Gold Price Outlook:
Gold jumped to a 4-week high just beneath $1,900 after the December FOMC rate decision
A reiteration of the Fed’s intention to allow inflation greater than 2% has likely fueled recent gains
Nearby resistance rests near the $1,920 mark which, if broken, could open the door to a continuation higher
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Gold Price Forecast: XAU/USD Jumps to Monthly High, Aims Higher
Gold has regained its luster in December, charging from $1,765 to the $1,880 area. The metal enjoyed its most recent extension higher after recent Fed commentary bolstered the precious metal’s outlook. With the Federal Reserve likely to maintain its accommodative policyand Congress trending toward another stimulus package, US Dollar weakness and a rise in inflation expectations seem likely.