Gold Outlook 2020: Factors Likely to Drive Gold Price Movement
As per general consensus, the emergence of positive U.S. economic data will continue to lift the 10-year yield, which in turn may impact gold prices.
SEATTLE (Scrap Monster): Analysts seems divided over possible movement of gold prices in 2020. While the bullish group argue that mid-2019 breakout will lead to even higher prices, the group with bearish outlook notes that less-dovish Fed will likely cap gold prices next year.
As per general consensus, the emergence of positive U.S. economic data will continue to lift the 10-year yield, which in turn may impact gold prices. The likelihood of global growth stability and economic expansion in Asia and Europe regions will turn positive for global yields and drag down gold prices. The possible easing of trade tensions may see gold heading back to lower levels. Incidentally, the recent gold price rally was triggered mainly by the uncertainty over the U.S.-China trade deal.
According to Jim Wyckoff of Kitco.com, the gold prices have been trending up since 2015, but in a choppy form. He maintains a more or less similar outlook for gold in the coming New Year. The prices are expected to trend sideways to higher in the coming months, he said.
Meantime, AG Thorson of Gold Predict believes that gold is likely to witness one more drop in early-December this year. In 2020, gold will continue to advance, remaining in the range between $1,750 and $1,800. The anticipated breakout above $2,000 is likely to happen by 2021 or 2022, he added.
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