Gold Price News and Forecast: XAU/USD breezes past USD2000 – What’s next? [Video]

FXStreet Team FXStreet

Gold continues to post strong bull candle after strong bull candle [Video]

Calling the top in a market that is so strong and continues to push ever higher into new high ground is a task fraught with difficulty. Aside from daily momentum indicators remaining incredibly strong, gold continues to post strong bull candle after strong bull candle. There is a degree of consolidation forming this morning, but this can often be seen in front of Nonfarm Payrolls. The RSI is still at record levels in the high 80s, whilst there is nothing on daily MACD or Stochastics which suggests any slowing or impending reversal. However, there is no getting away from the fact hat gold is extremely stretched and the risk of a significant correction (as the elastic snaps back) is mounting. Read More...

Gold breezes past USD2000 – What’s next?

Gold is poised to have a fifth consecutive winning week. It has been all smiles for the yellow metal, which has surged in the wake of the Covid-19 pandemic. Since April 1, gold has shot up some 27.3 percent, including a jump of 10.9% in July alone. This upward trend is not all that surprising, given that gold is traditionally a safe-haven asset, which attracts nervous investors in times of crisis. And what bigger crisis than a global pandemic?

At the same time, the fact that gold has punched past the symbolic USD2000 level (for the first time ever) and continues to hit new records is an impressive feat and raised investor sentiment towards gold. Gold touched a record high of USD2075 earlier on Friday, and the skies appear to be bright blue for the metal, with the US and other major economies still trying to control the worst pandemic the world has witnessed in 100 years. Some analysts have talked about gold hitting the USD2500 level. Read More...

XAU/USD analysis: Could consolidate

Yesterday, the XAU/USD exchange rate raised to the 2,070.00 level. During Friday morning, the rate was trading at 2,060.00.

It is likely that yellow metal could gain support from the monthly R1 at 2,056.09 and extend gains against the US Dollar in the short run. In this case the rate could target the 2,100.00 level.

In the meantime, if the exchange rate fails to exceed the 1,080.00 mark, it is likely that gold could trade sideways against the Greenback within the following trading session. Read More...

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FXStreet Team

FXStreet

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