Gold consolidates above $1800, holds onto gains looking at $1825
|- XAU/USD printed a new eight-year high at $1818/oz.
- Metal holds firm onto recent gains, firm above $1800.
The yellow metal rose further and reached the highest level since 2011 at $1818/oz after the beginning of the American session. It then moved off highs, finding support at $1808. As of writing, it is hovering around $1810, up $15 for the day.
XAU/USD is about to post the strongest close since September 2011 as the demand for the metal prevails on a scenario dominated by ultra-easy monetary policy across the world.
On Wednesday, the last leg higher in gold took place amid a decline of the greenback across the board. The US dollar printed fresh lows pushing the DXY back below 96.50. Not even a modest rise in US yields offset gold’s strength, neither helped the dollar.
The rally in gold continues to look firm. On the upside, the next resistance levels might be seen at $1825, followed by $1840. On the flip side, under $1808, the $1797 area is now seen at the immediate support and then $1788.
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