XAU/USD outlook: Gold shines on global recovery concerns and rises to new nearly 8 years high
Spot gold was a top performer in early Monday’s trading, advancing slightly over 1% since Asian opening and hitting new highest since Oct 2012, following break of previous high at $1747 (14 Apr).
The yellow metal holds in green for the fifth straight day, extending last week’s 2.4% advance and shining on fading hopes for a speedy global recovery as recent weak data discourage markets.
Speculations about negative interest rates in the US and cheap money around the world further prompt traders into safety. Read more...
XAU/USD Analysis: Jumped to 1,765.00
On Friday, the XAU/USD exchange rate exceeded the 1,740.00 level. During today's morning, the rate was trading at 1,765.00.
It is likely that yellow metal could face the resistance of the monthly R1 at 1,767.34. If the given level holds, it is likely that a reversal south could occur. In this case it is unlikely that the rate could decline below the 55-hour SMA near 1,737.00. Read more...
Gold: A downtrend will start as soon as it drops below 1764,2
The uptrend may be expected to continue in case the market rises above resistance level 1775, which will be followed by reaching resistance level 11781.2.
An downtrend will start as soon, as the pair drops below support level 1764.2, which will be followed by moving down to support level 1753. Read more...
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