Gold continues to test waters above $1750; Bank of America says breakout already underway
(USAGOLD – 6/25/2020) – Gold continues to test the waters above the $1750 mark, and is up $4 in today’s early going at $1767. Silver is up 21¢ at $17.77. Today’s larger than expected unemployment number is likely to be a source of market worry as is the escalating virus case numbers in a number of states. Gold – up 1.7% thus far in June – is bucking the seasonal bias to the downside. Silver is down about 2% thus far in June. In a note to its clients earlier in the week highlighted at FXStreet, Bank of America says that a gold breakout is already underway and that its price could reach record levels above $1900 by the end of 2020.
Chart of the Day
Chart courtesy of SentimenTrader.com
Chart note: Whatever your politics, there seems to be a clear connection between President Trump’s re-election chances and the course of the Dow Jones Industrial Average.