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.

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

 

 

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