Breaking: Gold breaks above $1,800, new mutli-year high, next levels eyed
Gold is trading above $1,800, highest since November 2011, topping its previous high of $1,797 which now serves as support.
The next levels to watch are $1,810 and $1,825. Further out, investors are eyeing $1,921– the 2011 peak – and $2,000.
More:
- Gold is getting ready for more upside – eyeing $1,812 as the next objective.
- Gold spot intraday: The bias remains bullish – with $1,803 and $1,811 as the next targets.
Zero or negative interest from central banks make the precious metal more attractive, despite its lack of yield. Moreover, massive Quantitative Easing programs – printing money – has also increased speculation around XAU/USD.
The acceleration in US coronavirus cases implies further support from the Federal Reserve. Tensions between the US and China around Hong Kong also imply further safe-haven flows into the yellow metal.
The high so far has been $1,800.39 and gold edged lower after the initial move higher. It remains bid. Stop-loss orders may have been triggered after the initial break.
Reprinted from FXstreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-