Gold and bitcoin are the ‘top candidates to advance in 2020’ – Bloomberg Intelligence

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(Kitco News) Gold and bitcoin — one of the few assets that have posted solid gains in 2020 — remain the “top candidates to advance” this year, according to Bloomberg Intelligence’s latest commodity outlook.

“Among the few assets up in this tumultuous year, gold and bitcoin are building foundations for further price appreciation. The metal and the crypto remain our top candidates to advance in 2020, with added rally fuel from Covid-19,” Bloomberg Intelligence senior commodity strategist Mike McGlone said this week.

Both gold and bitcoin have been busy building a strong base and securing positions above $1,700 an ounce (gold) and above $9,000 (bitcoin), McGlone stated.

“Our graphic depicts gold consolidating above what had been key resistance of $1,700 an ounce before the March swoon….