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

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

 

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recovers towards 1.1750 as risk-on rules

EUR/USD is back around 1.1750 as upbeat US data fueled equities' early rally. Concerns about economic progress remain in the background, as the pandemic keeps taking its toll. 

EUR/USD News

GBP/USD bounces from 1.30 as demand for the dollar eases

Dollar's corrective advance seems complete, now down against most major rivals. GBP/USD trades little changed for a second consecutive day in the 1.3060/70 price zone. Market players continue to ignore upcoming Brexit chaos.

GBP/USD News

Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures