August Futures currently at $1789.60
https://www.kitco.com/commentaries/2020-06-23/Gold-pricing-closes-solidly-higher-breaking-above-its-trading-range.html Multiple factors continue to be highly supportive of higher gold pricing
Today gold closed at its highest value since 2012. Dollar weakness was only one factor contributing to today’s historical climb.
Renewed tensions between the United States and China were once again in the spotlight.
There were a series of conflicting statements by Peter Navarro regarding the status of the trade deal between the U.S. and China.
North Korea’s recent actions against South Korea seems to have been put on a back burner but could heat up at any moment.
Then there is the increased tension between China and India over disputed territory on the border.
Most importantly the U.S. Treasury Department has funded in a package of over $3 trillion.
This in conjunction with a highly accommodative monetary policy by the Federal Reserve keeping interest rates near zero and adding an additional $3 trillion to their balance sheet as they have been purchasing treasuries, mortgage-backed securities, and now corporate bonds.
Any one of the situations could have a bullish impact on gold pricing, however the combination of all of the factors mentioned above provide a profound bullish tailwind taking gold pricing to $1800 per ounce, and possibly even challenging the all-time record high just above $1900.