FXStreet reports that gold overall trend is still up, and strategists at CIBC are forecasting an even stronger performance in 2021 to $2300/oz.

“Governments are under pressure to continue pumping money into the system to fend off further balance sheet pressures. We have yet to see the long-term fallout for the stimulus to date and yet more stimulus is expected”

“We forecast real rates, the primary driver for gold prices, to remain under pressure for the next several years as governments tackle heavy debt loads and focus on reducing unemployment numbers. The US Fed Reserve will likely reiterate a ‘lower for longer outlook’ particularly in light of the global economic backdrop, which we continue to view as positive for gold.”

“Our gold price forecast now stands at $2,300/$2,200/$2,100/$2,000 per oz for 2021/2022/2023/2024, spot prices of $1875/oz.”