Breaking: Gold price surges above $1,780, new multi-year high amid end-of-quarter flows

Yohay Elam FXStreet

Gold prices have hit a new multi-year high above $1,781 as money managers rush to adjust their portfolios ahead of the end of the month and quarter. The previous metal has leaped from its trading range around $1,770 to current levels in a rapid move.

The next level to watch is $1,795, which was the peak back in late 2012. The psychologically significant level of $1,800 is also getting closer. The bigger prize is the 2011 zenith of $1,911, which is still far off.

Support awaits at around $1,764, which was the daily low, followed by $1,740, which provided support earlier in June.

Gold is in high demand amid the coronavirus crisis. Central banks have lowered interest rates, making the yieldless precious metal more attractive. Perhaps more importantly, XAU/USD is benefiting from massive bond-buying schemes by the Federal Reserve and also the European Central Bank and others. Investors and speculators are flooding into gold.

More Gold shines on specific weekdays and seasons, but beware round numbers – Interview with Phil Carr

Highest since 2012

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.