Gold Price News and Forecast: XAU/USD attracted some dip-buying and jumped to over one-month tops
|Gold Price Analysis: Bulls eyeing a move towards retesting multi-year tops
Gold reversed an early dip to the $1743-42 region and jumped to fresh monthly tops in the last hour. The emergence of some dip-buying comes on the back of Friday's decisive break through a key hurdle near the $1730 supply zone and supports prospects for additional gains.
The near-term positive outlook is further reinforced by the fact that technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought territory. Hence, a move beyond multi-year tops, around the $1765 region, now looks a distinct possibility.
Gold: stage set for breakout
Gold has been printing constructive price action of late, pointing to a potential breakout. Investors have been buying the dips in gold mainly because of the view that long-term interest rates will remain very low thanks to the vast central bank stimulus. In addition, the metal has been supported by haven flows due to elevated concerns over a second wave of infections.
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