Gold Price News and Forecast: XAU/USD hits record high in Euro terms
|Gold Price Analysis: Yellow metal hits record high in Euro terms
A combination of gold price rally in the US dollar terms and a sell-off in EUR/USD has pushed the yellow metal to record highs in the single currency terms. XAU/EUR or gold in EUR terms is currently trading at 1,490 per Oz, having hit a lifetime high of 1,494 during the overnight trade.
Gold rose to a fresh seven-year high of $1,613 earlier today, taking the cumulative year-to-date gains to over 5%. Notably, prices have risen by more than 4 percent from $1,547 to above $1,600 over the last two weeks on coronavirus fears and the resulting haven demand.
Gold Price Analysis: Pulls back amid overbought RSI, multiple upside barriers ahead
Gold prices decline to $1,606 during the early Thursday. The yellow metal surged to the highest since March 2013 the previous day but failed to hold onto gains due to the overbought RSI conditions.
As a result, sellers are now awaiting a downside break of $1,600 to aim for the early-month high nearing $1,594. However, 21-day SMA and an upward sloping trend line from December 2019, around $1,577 and $1,572 respectively, will limit the bullion’s further declines.
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