Gold eyes first double-digit monthly price gain since February 2016

Gold is on track to print double-digit monthly gains.
The metal has rallied on the back of dollar weakness and negative real yields.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,970 per ounce, representing a 10.5% gain on a month-to-date basis, having hit a record high of $1,981 on Tuesday.

If these gains are held through Friday’s NY close, the resulting double-digit monthly gain would be the first since February 2016.

The rally could be attributed to the dollar sell-off and negative yields on the US Treasury inflation-protected securities (TIPS). The dollar index fell to a 26-month low of early Friday, taking the month-to-date decline to 4.86%. Meanwhile, the 10-year real or TIPS yield fell to a record low of -0.90% earlier this week.

Looking forward, gold could continue to gain altitude as the Fed is unlikely to normalize its easy policy anytime soon and the dollar is likely to remain under pressure due to renewed concerns regarding the future course of the world’s largest economy.

Technical levels

XAU/USD

Overview
Today last price	1970.04
Today Daily Change	13.49
Today Daily Change %	0.69
Today daily open	1956.55

Trends
Daily SMA20	1847.39
Daily SMA50	1780.35
Daily SMA100	1720.31
Daily SMA200	1627.33

Levels
Previous Daily High	1971.82
Previous Daily Low	1939.66
Previous Weekly High	1906.68
Previous Weekly Low	1805.86
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1951.95
Daily Fibonacci 61.8%	1959.53
Daily Pivot Point S1	1940.2
Daily Pivot Point S2	1923.85
Daily Pivot Point S3	1908.04
Daily Pivot Point R1	1972.36
Daily Pivot Point R2	1988.17
Daily Pivot Point R3	2004.52

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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