Top Stories This Week: Gold Breaks US$2,000, Bitcoin Moves Past US$35,000

Gold broke the US$2,000 per ounce level this week, rising as high as US$2,006.51 on Friday (October 27).

The yellow metal continues to see support from safe-haven demand as the war in the Middle East continues, but experts are also looking forward to the US Federal Reserve's next meeting, which will run from October 31 to November 1.

CME Group's (NASDAQ:CME) FedWatch tool shows a high probability that rates will stay unchanged, and the latest Personal Consumption Expenditures (PCE) Price Index data supports that idea — it shows that core prices rose 0.3 percent month-on-month in September, and 3.7 percent year-on-year. Core PCE excludes food and energy costs, and is the Fed's preferred gauge of inflation.

Looking at where gold may go as the year draws to a close, I heard recently from popular commentator EB Tucker of the Tucker Letter, who outlined where he sees gold going in the next 90 days. Here's what he had to say:

"I personally think that the gold price is set to move 10 percent. I think it's going to US$2,150, maybe up to US$2,200 in the next 90 days. And I think that because what we saw recently was all the indicators that show the same move that we saw in 2018, early 2016 — we saw this huge dip down that didn't make any sense on high, high volume, and then an immediate (move) back to where it started. And usually when we see that we know that the downside is over" — EB Tucker, the Tucker Letter

Click here to watch the full interview with Tucker.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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