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    Spiking Gold Outlook: Medium-Term Bearish & Long-Run Bullish

    Abstract:Gold prices this week sharply rose above $1,800 after a rally as high as $38.09.

      WikiFX News (5 Dec.) - Gold prices this week sharply rose above $1,800 after a rally as high as $38.09. The positive dynamic was a result of markets' betting on US fiscal stimulus bill. Amid risk-on market dynamics, gold will see a bearish picture in the medium term but a bullish outlook in the long run.

      Recent headlines stated that the president-elect Biden had nominated former Fed Chair Janet Yellen as the US Treasury Secretary, a position in which she may provide more support to pull the economy out of the ditch.

      Besides, the roll-out plan of Covid-19 vaccines will bring down unemployment but ratchet up inflation. Some agencies reported a marked acceleration in US production growth to the fastest for just over six years, reflecting a pick-up in the pace of manufacturing's recovery in November. Despite pandemic resurgence, companies remain upbeat about their long-run prospects, which pushes inflation higher, boding well for gold.

      In the medium term, markets will embrace buoyant risk appetite on vaccine progress and US political stability. Thus the haven-linked gold will suffer further pressure. In the long run, however, gold will revive along with the recovery in the global economy

      All the above is provided by WikiFX, a platform world-renowned for forex information. For details, please download the WikiFX App: bit.ly/wikifxIN

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      Chart: Gold Trend

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