Gold Price News and Forecast: XAU/USD exceeded 1,880.00
|XAU/USD outlook: Gold extends steep ascend and pressures $1900 barrier
Spot gold extends steep ascend into sixth straight day and posted new highest since Sep 2011 ($1888) on Thursday.
Global concerns about post-pandemic recovery that prompted investors into safety, were boosted by rising political tensions between the US and China.
Also, the dollar continues to trend lower and inflates gold bulls. The yellow metal was up over 4% since Monday's opening, on track for the biggest weekly rally since late March and also about to complete the fourth consecutive month in green. Bulls pressure psychological $1900 barrier and also eye metal's record high at $1920, with possible extension towards psychological $2000 level, not ruled out in current environment. Read more...
XAU/USD analysis: Exceeded 1,880.00
Yesterday, the XAU/USD exchange rate raised to the 1,870.00 level. During Thursday morning, the rate exceeded 1,880.00.
From the one hand, it is likely that yellow metal is in the overbought zone, as it trades far above the 55-, 100– and 200-hour moving averages. Thus, it is likely that a reversal south could occur. Read More...
Gold rises for fifth day in a row
Gold hit fresh multi-year highs today rising for the fifth day in a row as the rally in the yellow metal is taking on the look of a breakout.
As we noted yesterday gold is benefiting from the decline in real rates in the US as Federal Reserve continues to crush the yield curve in order to offset the negative impact of the coronavirus curve which continues to remain stubbornly high in the US. Read More...
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