XAU/USD outlook: Gold hits new record high
|XAU/USD
Gold climbed to new all-time high on Friday and cracked psychological barrier at $2400, remaining at a high speed and again taking just few days for a trip from one to another round-figure barrier.
Growing geopolitical tensions continue to fuel safe haven demand, particularly purchases by the central banks and lift metal’s price, offsetting negative influence from solid US economic data and stronger dollar on colling expectations for Fed’s first rate cut in June.
The yellow metal is on track for the fourth straight weekly gain and holding in a steep ascend for the second month, advancing by impressive 16% since the beginning of the year.
Technical picture remains bullish, as strong positive signal has been generated after the metal’s price broke above larger range (2020/2024), indicating continuation of broader uptrend.
Bulls are expected to keep control in coming months in favorable conditions for safe haven bullion, with next significant target at $2500, coming in focus.
Dips, under current circumstances, should be limited and provide better buying levels
Res: 2400; 2411; 2428; 2440.
Sup: 2370; 2358; 1324; 2300.
Interested in XAU/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.