Breaking: Gold breaks above $1,800, new mutli-year high, next levels eyed


Gold is trading above $1,800, highest since November 2011, topping its previous high of $1,797 which now serves as support.

The next levels to watch are $1,810 and $1,825. Further out, investors are eyeing $1,921– the 2011 peak – and $2,000.

More:

Zero or negative interest from central banks make the precious metal more attractive, despite its lack of yield. Moreover, massive Quantitative Easing programs – printing money – has also increased speculation around XAU/USD. 

The acceleration in US coronavirus cases implies further support from the Federal Reserve. Tensions between the US and China around Hong Kong also imply further safe-haven flows into the yellow metal.

The high so far has been $1,800.39 and gold edged lower after the initial move higher. It remains bid. Stop-loss orders may have been triggered after the initial break. 

Live Gold chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD: Bears attack 0.7700 ahead of China GDP

AUD/USD extends Friday’s downbeat momentum towards the 0.7700 threshold at the start of Monday’s Asian session. The Aussie pair declined the most since late October the previous day as the US dollar benefitted from the risk-off mood.

AUD/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest before dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures