Gold Price News and Forecast: Gold edges higher to $1765 level

• Gold extends its sideways consolidative price move, well within this week’s trading range.
• A cautious mood underpinned the safe-haven commodity amid fresh coronavirus jitters.
• A softer tone around the US bond yields, subdued USD price action remained supportive.
• The set-up favours bullish traders and supports prospects for a move towards $1800 mark.

Gold edged higher during the early European session and was last seen trading near daily tops, around the $1765 region, well within this week's broader trading range.

Worries that a surge in new coronavirus cases could trigger renewed lockdown measures continued weighing on investors' sentiment. This was evident from a fresh leg down in the equity markets, which benefitted traditional safe-haven assets and assisted the precious metal to reverse an early dip to the $1758 region.

The cautious mood was reinforced by a modest pullback in the US Treasury bond yields, which extended some additional support to the non-yielding yellow metal. This coupled with a subdued US dollar price action further underpinned the dollar-denominated commodity, albeit the uptick lacked any strong bullish conviction.

From a technical perspective, the metal has been oscillating in a range over the past three trading sessions. This comes on the back of this week's spike to eight-year tops and might still be categorized as a consolidative phase. This, in turn, supports prospects for a move towards the ambitious $1800/ounce target.

Market participants now look forward to some second-tier US macro data, due later during the early North American session for some trading opportunities on the last day of the week. Friday's US economic docket features the release of Core PCE Price Index, Personal Income/Spending data and revised June Michigan Consumer Sentiment Index.#Goldboom##investment##StocksDrop#

Reprinted from FXStreet，the copyright all reserved by the original author.