Gold breezes past USD2000 – What’s next?

Kenny Fisher MarketPulse

Up, up and away!

Gold is poised to have a fifth consecutive winning week. It has been all smiles for the yellow metal, which has surged in the wake of the Covid-19 pandemic. Since April 1, gold has shot up some 27.3 percent, including a jump of 10.9% in July alone. This upward trend is not all that surprising, given that gold is traditionally a safe-haven asset, which attracts nervous investors in times of crisis. And what bigger crisis than a global pandemic?

At the same time, the fact that gold has punched past the symbolic USD2000 level (for the first time ever) and continues to hit new records is an impressive feat and raised investor sentiment towards gold. Gold touched a record high of USD2075 earlier on Friday, and the skies appear to be bright blue for the metal, with the US and other major economies still trying to control the worst pandemic the world has witnessed in 100 years. Some analysts have talked about gold hitting the USD2500 level. This may seem far-fetched, but keep in mind that exactly a year ago, gold was trading at USD1420, and anyone talking about the USD2000 level being broken would have been shown the door in a hurry.

In the meantime, the trend is firmly upward, and if Friday’s nonfarm payrolls fail to meet expectations, we could see gold gain some ground before the trading week is over.

XAU/USD Technical

XAU/USD is currently trading at USD2057.15, down 0.29% on the day. The pair posted small losses in the Asian session and has been flat in European trade

The round number of 2000 is a major support level. Below, there is support at 1979, which is near the 10-day MA line
The pair tested resistance at 2070 in the Asian session, but has retreated. The next resistant line is at 2087.

Author

Kenny Fisher

MarketPulse

A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD tilts bullish as markets barrel toward mid-week NFP print

GBP/USD is holding a broader bullish structure on the daily chart, with price trading well above the 50 Exponential Moving Average at 1.3507 and the 200 EMA at 1.3310, confirming the intermediate uptrend that has been in place since the November 2025 low near 1.2300.

Gold pushes back above $5,000

The daily chart shows spot Gold in a parabolic uptrend that accelerated sharply from the $4,600 area in late January, printing a record high at $5,598.25 before a violent reversal erased nearly $1,000 in value during the final days of the month.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.