Today the gold price rose to 1900 but fell to 1865 as the market perception of the US bailout and stimulus was insufficient. Only 1 trillion was injected today. In 2008 the stimulus was around 8 trillion.
I think this sharp fall is the start of a gold bear market.
The reaction of the gold price in response to a stimulus is a clear indicator of market sentiment as to the effectiveness of government action. Unfortunately a stimulus may not work like it did in 2008 because the economy is restrained from growth due to the effect of Covid.
The lack wiliness of world countries to enforce lock downs will keep them in economic stalemate.
. Australia has been the only country which has handled the outbreak effectively enough. The virus needs to be dealt with before any economic stimulus will have sufficient effect.
short term gold crash
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Last
$1.96 |
Change
0.045(2.36%) |
Mkt cap ! $2.237B | |||
| Open | High | Low | Value | Volume |
| $1.96 | $1.98 | $1.94 | $3.406M | 1.741M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 52 | 105160 | $1.95 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.96 | 20094 | 10 |
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| Last trade - 14.33pm 08/07/2024 (20 minute delay) ? |
| RMS (ASX) Chart |