Gold Price Analysis: Two steps away from key $1800 level
Following a robust end to the second quarter, Gold keeps its shine starting out the third quarter, trading close to the highest level since October 2010. A test of the key $1800 mark looks inevitable, as Gold futures on Comex have already scaled that level.
As observed in the Technical Confluences Indicator, the bulls are likely to face stiff resistance around $1786, the confluence of the previous day high and pivot point one-week Resistance 1.
Acceptance above the latter will see the next hurdle at $1789 at risk, where pivot point one-day Resistance 1 and Bollinger Band one-day Upper intersect. A test of the $1800 mark is inevitable on clearance of the above two resistance levels.
Gold grinds higher on Covid-19 and geopolitical risk
The twin spectres of China's Hong Kong security law, and Covid-19 fears in the US, supported gold prices into the quarter-end. Gold ground 0.45% higher to $1780.80 an ounce overnight, an eight-year high and within shouting distance of the $1800.00 an ounce resistance zone.
Gold has edged higher in Asia to $1782.70 an ounce as details of the Hong Kong security law are released. Disquiet across the region will continue to support gold on any dip below $1780.00 an ounce in Asia today.
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