Gold Price Analysis: XAU/USD looking to the $1,800s behind highest futures finish since 2011
The price of XAU/USD is trading at $1,781.17 at the time of writing, virtually flat on the day so far, sticking to a tight range between the low of $1,780 and the high of $1,784. Overnight, on Tuesday's US session, gold futures topped $1,800 an ounce to mark their highest finish since 2011. August gold rose $19.30, or 1.1%, to settle at $1,800.50 an ounce.
That was the highest finish for a most-active contract since Sept. 2011. Bulls will cast minds back to August 2011, when gold futures settled at a record $1,891.90. The uncertainty pertaining to the coronavirus pandemic is attracting flows into the metal’s safe-haven appeal.
Gold Price Analysis: XAU/USD buyers aim to cross $1,800
Gold prices retrace from fresh high since October 2012 to around $1,780 amid the early Wednesday morning in Asia. The bullion previously surged to $1,785.91 while staying inside an upward sloping trend channel stretched from May 2019. Also favoring the precious metal’s upside were bullish signals by the MACD.
As a result, the traders might continue their efforts to conquer the year 2012 tope near $1,795/96. Additionally, the $1,800 threshold and November 2011 peak surrounding $1,803 could lure the optimists afterward.
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