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

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


Today last price 1857.50
Today Daily Change 15.31
Today Daily Change % 0.83
Today daily open 1841.83
Daily SMA20 1792.61
Daily SMA50 1753.44
Daily SMA100 1701.28
Daily SMA200 1611.97
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




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