Gold Price News and Forecast: XAU/USD resumed the upside after making a pullback to $1792
|Gold hits fresh multi-year highs, looks to $1800
Gold is hitting new highs slightly below $1,800/oz. XAU/USD climbed to $1,797 hitting the highest level since 2011. Price is hovering near the recent top and looking at the $1,800 area.
In Wall Street, the Dow Jones is falling 0.70% and the S&P 500 0.30%. The Nasdaq is up by just 0.07%. Regarding yields, the US 10-year stands at 0.651%, the lowest since June 30.
Gold: Will XAU/USD edge to new multi-year highs?
Another positive daily candle and decisive close higher has pulled gold to a new multi-year closing high and a test of the recent peak of $1789. The market continues run along the four week uptrend (very slightly redrawn to account for last week’s Nonfarm Payrolls spike low) which rises today to lend support at $1771. Momentum indicators retain their positive configuration, with the RSI up into the mid-60s again, whilst Stochastics and MACD lines tick higher.
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