Breaking: Gold breaks above $1,800, new mutli-year high, next levels eyed

Gold is trading above $1,800, highest since November 2011, topping its previous high of $1,797 which now serves as support.

The next levels to watch are $1,810 and $1,825. Further out, investors are eyeing $1,921– the 2011 peak – and $2,000.

More:

Zero or negative interest from central banks make the precious metal more attractive, despite its lack of yield. Moreover, massive Quantitative Easing programs – printing money – has also increased speculation around XAU/USD. 

The acceleration in US coronavirus cases implies further support from the Federal Reserve. Tensions between the US and China around Hong Kong also imply further safe-haven flows into the yellow metal.

The high so far has been $1,800.39 and gold edged lower after the initial move higher. It remains bid. Stop-loss orders may have been triggered after the initial break. 

Live Gold chart

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