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.
Read more ...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.