Gold prices witnessed mixed trading sessions in the past week. The price fluctuated in a relatively narrow range around $ 1,780 after a quiet start to the week. However, gold weakened on Thursday and fell to a two-week low at $ 1,756. The precious metal closed the past week in negative territory below $ 1,770. So what’s up for gold this week? What are the estimates for the price?
Bart Melek: I wouldn’t be surprised if we trade around $ 1,810 in gold
Bart Melek, head of global strategy at TD Securities, commented on the markets and pointed to significant levels for gold prices. Bart Melek said the following regarding the issue:
The 100-day moving average looks like a $ 1,799 brick wall. This is a pretty big technical level. If we go beyond these 100 days, I would not be surprised if we trade around $ 1,810.
Sean Lusk: Gold prices may be looking at a critical $ 1,895 level
When gold nears the next target, Sean Lusk, Walsh Trading co-director, said there is finally a chance to deal with $ 1,800. If gold succeeds, yellow metal could be looking at $ 1,895, a critical level that has not changed since the beginning of the year, according to Sean Lusk. However, Sean Lusk added that a close below $ 1,734 would be disastrous and could pull gold back to $ 1,677.
Ed Moy: Worries about inflation and a weakening US dollar are working for gold and silver
Inflation and the weakening US dollar concern are pushing more than a dozen states to recognize gold and silver coins as legal means of payment. According to Ed Moy, the former director of the US Mint, the Constitution allows States to pay their citizens their debts in gold and silver. Ed Moy, director of the US Mint under President Bush and President Obama from 2006 to 2011, said several states have already started implementing this initiative. Ed Moy adds the following to his comments on the subject:
What governments allow to do is allow their citizens to pay their debts in gold and silver. Until recently, it has never been used since it was written into the Constitution. After the Financial Crisis, some states, current number 12, are trying to figure out how to make Article 1, Chapter 10 work to allow their citizens to buy and sell things in gold and silver. Utah has already moved on and started putting this into action. Most of these states are taking a few steps, and the first step is exempt from gold and silver taxes and capital gains.