Gold is hitting new highs, hitting a peak of $1,795.38 at the time of writing. XAU/USD dipped to $1,774 ahead of a sharp move higher and has touched levels last seen in late 2012.
On its way up, gold broke above the ascending triangle
The precious metal is benefiting from central bank activity. The Federal Reserve, the European Central Banks, and other entities are expanding their balance sheets to provide liquidity to the struggling economies amid the coronavirus crisis. Investors and also speculators have piled into gold, pushing its price higher. When interest rates are at rock bottom levels,
"A decisive close above 1,800 is what buyers are currently looking for to fly towards the 1,920 record high. But in a short distance, the 1,825 resistance, which the bulls failed to successfully lift in 2011, could block the way."
The obvious next level is the round $1,800 mark that has been eyed by several analysts. Further above, $1,810 and $1,820 have been set out as targets.
By Yohay Elam
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