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XAU/USD outlook: Gold returns above $2000

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GOLD

Spot gold surged above $2000level in early Tuesday's trading, extending strong recovery from $1862 (12 Aug spike low).
The yellow metal was boosted by fresh weakness of the US dollar and Monday's news that Warren Buffet's Berkshire Hathaway buying a stake in major gold miner Barrick Gold Corp.
Today's extension higher also broke above important Fibo barrier at $1993 (61.8% of $2074/$1862 pullback) that adds to signals that corrective phase might be over. Daily techs show fresh bullish momentum and indicators in bullish setup that supports the advance, with close above $2000 needed to confirm.
Larger uptrend on strong safe-haven demand during and after coronavirus lockdown remains intact and was additionally boosted by recent break above psychological $2000 barrier.
The latest pullback on profit-taking offered better opportunities to re-enter bullish market for extension towards $2100 round-figure barrier and $2124 Fibo 123.6% projection. But investors remain cautious on latest encouraging signals over global recovery process that may limit rally and keep metal's price in extended consolidation.
Initial supports lay at $1988 (10DMA) and $1967 (20DMA), with $1920 (former record high of Sep 2011) remains key support and firm break here would signal deeper correction.

Res: 2015; 2024; 2029; 2049
Sup: 1988; 1980; 1967; 1929

XAU/USD outlook: Gold returns above $2000

Interested in XAU/USD technicals? Check out the key levels

    1. R3 2068.96
    2. R2 2029.86
    3. R1 2007.86
  1. PP 1968.76
    1. S1 1946.76
    2. S2 1907.66
    3. S3 1885.66

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Hot

thats good creditt
woww looking good
good
yes, gold is back!
XAU/USD break to new highs would turn attention to $2,400/oz so keep investing
After the worse in last week, the ray of hope rising for XAU/USD yet again
👍

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