Breaking: Gold jumps $15 to renew nine-year highs above $1865

FXStreet Team FXStreet

Gold (XAU/USD) bulls remained unstoppable, as the yellow metal rallied nearly $15 in a matter of 15 minutes. The spot refreshed the highest levels in nine years at $1866.90.

The persistent weakness seen in the US dollar across the board continued to bode well for gold, as markets cheered additional US stimulus talks and EU fiscal deal.

Traders remain hopeful that the massive global economic stimulus deployed will help stage a quicker rebound. These expectations continue to diminish the safe-haven bids for the US dollar.

Analysts at TD Securities noted: “The US dollar has dropped as the world is looking a little bit better. Interest rates have fallen across the yield curve and that again is another factor helping gold.”

Further, the bullish momentum gathered steam after stops got triggered on a break above the psychological $1850 level. The bright metal also tracks the rally in silver, which reached fresh seven-year highs beyond the $22 mark.

The next stop for the bulls seems to be the September 2011 high at $1920 (record high). At the press time, the metal trades around $1860, up 1% on a daily basis.

Gold Chart

Gold Technical levels

XAU/USD

Overview
Today last price	1857.50
Today Daily Change	15.31
Today Daily Change %	0.83
Today daily open	1841.83

Trends
Daily SMA20	1792.61
Daily SMA50	1753.44
Daily SMA100	1701.28
Daily SMA200	1611.97

Levels
Previous Daily High	1843.54
Previous Daily Low	1815.9
Previous Weekly High	1815.1
Previous Weekly Low	1790.42
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1832.98
Daily Fibonacci 61.8%	1826.46
Daily Pivot Point S1	1823.97
Daily Pivot Point S2	1806.12
Daily Pivot Point S3	1796.33
Daily Pivot Point R1	1851.61
Daily Pivot Point R2	1861.4
Daily Pivot Point R3	1879.25

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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