Gold hits fresh multi-year highs, looks to $1800

XAU/USD resumed the upside after making a pullback to $1792.
Positive momentum for gold remains intact, a test of $1800 seems likely.

Matías Salord FXStreet

Gold is hitting new highs slightly below $1,800/oz. XAU/USD climbed to $1,797 hitting the highest level since 2011. Price is hovering near the recent top and looking at the $1,800 area.

In Wall Street, the Dow Jones is falling 0.70% and the S&P 500 0.30%. The Nasdaq is up by just 0.07%. Regarding yields, the US 10-year stands at 0.651%, the lowest since June 30.

The combination of some risk aversion and lower US yields continue to offer support to gold. The metal is also boosted by technical factors after breaking on Tuesday above previous highs and following a rebound from $1,777.

If XAU/USD rises above $1,800 more gains seem likely. The move could also trigger an increase in volatility in either direction. On the upside, the next strong resistance stands around $1,825. On the flip side, now $1,787 is the immediate support followed by the $1,770 area.

Technical levels

XAU/USD

Overview
Today last price	1796.66
Today Daily Change	12.20
Today Daily Change %	0.68
Today daily open	1784.46

Trends
Daily SMA20	1751.8
Daily SMA50	1729.9
Daily SMA100	1680.18
Daily SMA200	1594.69

Levels
Previous Daily High	1787.11
Previous Daily Low	1770.16
Previous Weekly High	1789.28
Previous Weekly Low	1757.7
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1780.64
Daily Fibonacci 61.8%	1776.63
Daily Pivot Point S1	1774.04
Daily Pivot Point S2	1763.63
Daily Pivot Point S3	1757.09
Daily Pivot Point R1	1790.99
Daily Pivot Point R2	1797.53
Daily Pivot Point R3	1807.94

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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