Gold Price News and Forecast: XAU/USD extending its short-term uptrend, what about the other precious metals? [Video]
|Gold: There is a real bull stampede [Video]
Gold has been accelerating higher in recent sessions in a move that has taken the yellow metal to levels not seen since 2013. Strong bull candles have burst the market through the $1611 previous resistance means that the January 2013 high of $1695 is the next resistance of any real note, before $1754. With the momentum of this move still strong, this is a run higher that has little to stop it right now. Momentum is very strong. The RSI is rising towards 80 now, but the January bull run saw the RSI above 90 (intraday), so this shows that once the bulls go, there is a real stampede. So, in any bull run we need to be careful of exhaustion signals. There is a gap this morning from $1649 (Friday’s high) which will need to be watched. Read more...
Gold extending its short-term uptrend, what about the other precious metals?
The gold futures contract gained 1.75% on Friday, as it accelerated its uptrend following breaking above $1,600 mark. The price of gold is the highest since the early 2013. Investors keep buying the safe-haven asset amid corona virus outbreak, economic slowdown fears. Today gold is much higher again.
Gold is extending its short-term uptrend this morning following an overnight daily gap-up opening. The gold price got closer to $1,700. Right now, it is 2.0% higher. What about the other precious metals? Silver gained 1.15% on Friday, as it got closer to the early January local high. Read more...
Gold retreats below $1,680, still up more than $30 on Monday
The troy ounce of the precious metal gained nearly $50 last week and surged higher at the beginning of the Asian session on Monday. After touching its highest level in more than seven years at $1,689, the XAU/USD pair erased a portion of its earlier gains and was last seen trading at $1,674, where it still up 1.85%, or $31, on a daily basis.
The risk-averse market environment allows gold to continue to find demand as a safe-haven. Heightened worries over the coronavirus outbreak having a protracted negative impact on the global economy force investors to seek refuge. As of Monday morning, the total number of confirmed cases in China stood at 77,150 with 2,592 fatalities. Read more...
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