Gold Price News and Forecast: Gold prints fresh three-month high above $1520, takes-out 61.8% Fib
Gold keeps cheering broad USD weakness while heading into the end of 2019
Gold takes the bids to $1,515 amid the initial Asian session on the last day of 2019. While overall declines of the greenback please the buyers, optimism surrounding the major consumer and geopolitical tension adds strength into the safe-haven.
The USD keeps the losses running while declining to the lowest since July 03. The traders’ fraternity seems to adjust the year-end open positions while downbeat prints of the US Dallas Fed Manufacturing Business Index offered additional weakness to the US currency.
Gold Technical Analysis: Prints fresh three-month high above $1520, takes-out 61.8% Fibonacci
Gold takes the bids to $1,521.50 during the initial trading session on Tuesday. In doing so, the yellow metal successfully breaks 61.8% Fibonacci retracement level of the declines from September to November.
Bulls are now gearing up to confront the September 24 high, near $1,525, ahead of targeting the September month top, at $1,557.
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.
