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The Gold price may down below $1500 in next few months
Category: Metal Market
Posted by World-Signals.com on May 27, 2020 at 08:20 AM
The crisis worldwide with the CoronaVirus may push many countries to sell Gold stores to cover the current spending. The countries that will sell Gold at first point are Oil exporters like Saudi Arabia, Russia and others.
Saudi Arabia passes very negative months starting in January with air strike in Iraq that killed General Qasem Soleimani. The Oil price war with Russia, the falling oil price and production cuts also push negatives to Saudi budget.
To restart the economy will be necessary new fresh capitals therefore other countries may follow Saudi Arabia and start selling Gold for Dollars. These steps will push the Gold price down. The current price of Gold spot is at $1704 and may down below $1470 in the next 2-months.
World-Signals.com strategy is to use the levels above $1710-1720 and open short positions.

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