Gold trades near almost 8-year peak; still bullish [Video]
Gold prices are continuing the upside movement, creating new highs and touching an almost eight-year peak at 1,779. The short-term technical indicators are neutral-to-bullish and point to a somewhat stroiger market. Read More...
XAU/USD – Gold price trend this week
On Friday, the US stock markets opened in negative territory and deteriorated into the market close at an average of more than 2.5%. This was followed by the 10-year US Treasury yields that fell below 0.65%, resulting in the gold price bouncing back up to stand above $1770. USOil closed almost $1 a barrel lower at $38.16. The number of people infected with Covid-19 around the world has reached 10 million, and the number of deaths is now at more than 500,000 , while in the United States the number of people infected reached its highest record ever last week at over 2.5 million, with deaths at 125,000.
However, in the midst of the high number of people still infected last weekend, the Chinese National Biotec Group (CNBG) announced the results of a second vaccine test for humans. This was found to be a safe and effective treatment and could help to build confidence in the market this week. Read More...
Gold eases below $1770 level, downside seems limited
Gold struggled to capitalize on its early uptick back closer to multi-year tops and was last seen trading near daily lows, just below the $1770 region.
The ever-increasing number of new cases globally served as a warning that the fight against COVID-19 is not over and indicated that the road to recovery will be much slower than expected. Fading hopes of a sharp V-shaped global economic recovery continued weighing on investors' sentiment and benefitted the safe-haven precious metal. Read More...
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