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Gold finally hits a fresh record high

August 05, 2020 11:00

Gold finally hits a fresh record high

The price of gold has risen to record highs not seen since September 2011. While investors have fled to safe-haven markets amidst rising coronavirus cases and US-China tensions, overnight blasts in Beirut - which have killed dozens and wounded thousands - added more fuel for gold buying.

Did you know you can speculate on the price of gold using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!

Gold is now up more than 30% from where it opened at the start of the year. Many investment banks and analysts are now calling for $3,000 with the uncertainty of the US Presidential elections and Brexit coming up in the second half of the year.

The price of silver has also performed well so far this year, up more than 45%. Deutsche Bank analysts believe that silver could outperform gold due to its industrial usage which is most likely set to increase when the world economy picks up again.

How to trade Gold with Admiral Markets UK Ltd

If you are feeling bullish or bearish on the price of gold you can speculate on its price direction using CFDs. To get started, follow these five simple steps:

  1. Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
  2. Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
  3. Type in Gold at the bottom of the Market Watch search box and then drag the symbol onto the chart.
  4. Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
  5. Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.

Gold monthly chart strategy

Source: Admiral Markets MetaTrader 5 Web, GOLD, Monthly - Data range: 1 April 2004 to 5 August 2020. Please note: Past performance is not a reliable indicator of future results.

Did you know that you can open a free demo trading account so you can test your trade ideas and theories regarding the price direction of thousands of different stocks and shares in a virtual trading environment? Open your free account today by clicking on the banner below:

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INFORMATION ABOUT ANALYTICAL MATERIALS:

The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

1.This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

2.Any investment decision is made by each client alone whereas Admiral Markets UK Ltd (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

3.With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

4.The Analysis is prepared by an independent analyst Jitan Solanki, Freelance Contributor (hereinafter "Author") based on personal estimations.

5.Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

6.Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

7.Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.