Major indices rebounded sharply on what would have been a "turnaround Tuesday" if not for the holiday, recouping some of the prior three-day day spanking. More importantly, the indices held support just where they needed to on Tuesday (that being the 50-day simple or 50-day exponential (EMA) averages). As such, the intermediate-term trend is still on the bullish side. The S&P 500 finished with a 2% gain, the Nasdaq rose 2.7% and the Nasdaq 100 (NDX) jumped 3%. The three-day "tech wreck" seemed to be a thing of the past.

When stocks get volatile, and global economic conditions become unpredictable, investors often flock to gold. Recently, in the wake of the spread of the coronavirus, the spot price for an ounce of gold broke through the $2,000 level. In addition to the virus, the fundamental factors driving the uptrend include the potential impact of renewed wars on global GDP growth, increased volatility in U.S. stock markets, the uncertainty surrounding the U.S. presidential election and uncommon negative interest rates in countries ranging from Germany to Japan to France and to Switzerland. From a technical standpoint, gold recently broke out of a three-year trading range and now appears to be in a bullish pattern of higher highs and higher lows that dates back to December 2016. Our forecast trading range for gold in 2020 is $1,450-$2,200, and our average for the year is $1,800. This compares to average gold prices of $1,400 in 2019, $1,265 in 2018, $1,277 in 2017, $1,258 in 2016 and $1,155 in 2015. As long as global economic uncertainty and virus fears are part of the market conversation, gold is likely to remain in demand.

Barrick Gold engages in the production and sale of gold, including exploration, development, mining and processing. Its operations are located in the United States, Canada, Australia, Peru, Chile, Argentina, Tanzania, and Zambia. Barrick was founded in 1983 and is based in Toronto.

Stocks rose on Wednesday morning, rebounding from a late-day selloff on Tuesday despite the continued fiscal stimulus stalemate in Washington. The Labor Department reported that consumer prices rose 0.6% in July, unchanged from the prior month but above the Reuters consensus forecast of 0.3% growth. Prices also rose 1.0% from the prior year, above the consensus of 0.8%. Moderna shares rose on news that the company had won a $1.5 billion vaccine supply contract with the U.S. government. The Dow rose 1.0%, the S&P 1.3%, and the Nasdaq 2.0%. Crude oil traded near $42 per barrel, while gold rose $3 to $1949 per ounce.