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Breaking: Spot Gold breaks $2000 per ounce

Gold has pushed over 1% higher to break the psychological $2K level.
Ever since the all-time high was broken on 27th July it seemed like it was only a matter of time.

Rajan Dhall, MSTA FX Daily

Gold breaks USD 2000 per troy ounce

Ever since the central banks turned on the printers gold has been on a massive bull run. The yellow metal also received a boost due to its safe-haven status and this has been evident during the COVID-19 pandemic. It is not only the central banks that have been supporting the markets as governments have conducted fiscal stimulus programs too. It all started after the last financial crisis in 2008-9. Ever since the equities markets pushed higher as the market was flushed with liquidity and during the coronavirus pandemic they have done the same.

Central banks like China and Russia are also replenishing their gold reserves. China's gold reserves stood at 62.64 million ounces at the end of May, central bank data showed Sunday. This is according to reports from 7th June. The total value of the gold reserves reached around USD 108.29 billion U.S. up from USD 106.67 billion in May month ago. It seems that every month there is an increase.

There could be more if this to come in the future especially if there is another round of QE from the US Federal Reserve and other major central banks, This week we will also get the latest from the Bank of England and although they are not set to make any policy changes this time round they may signal some intent to act in the future.

Gold monthly chart

Additional levels

XAU/USD

Overview
Today last price	1998.22
Today Daily Change	21.38
Today Daily Change %	1.08
Today daily open	1976.84

Trends
Daily SMA20	1867
Daily SMA50	1790.19
Daily SMA100	1728.77
Daily SMA200	1632.05

Levels
Previous Daily High	1988.02
Previous Daily Low	1960.67
Previous Weekly High	1984.8
Previous Weekly Low	1900
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1977.57
Daily Fibonacci 61.8%	1971.12
Daily Pivot Point S1	1962.33
Daily Pivot Point S2	1947.83
Daily Pivot Point S3	1934.98
Daily Pivot Point R1	1989.68
Daily Pivot Point R2	2002.53
Daily Pivot Point R3	2017.03

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

GBP/USD bounces off lows, back above 1.3200

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Breaking: Spot Gold breaks $2000 per ounce