After gold hit levels above the former resistance at 1,800, the bullish case to 2,000 became apparent. This was reinforced by the impact of COVID-19 on global financial markets with most investors moving their holdings to the precious metal in order to hedge against the falling prices. Markets such as stocks have continued to suffer greatly even as the fight against Coronavirus intensifies.
Recently, the world’s most precious metal hit highs close to 2,000 before retreating to find support at 1,940 as covered in the price analysis on Saturday. Most analysts believe that consolidation is the way to go before gold makes its case above 2,000. In this case, there are a number of support areas including 1,960, 1,940 as well as 1,920.
From a technical point of view, XAU/USD is looking towards a week filled with action, especially with the RSI hitting the overbought region. The indicator is a metric to watch as it would help pinpoint the direction gold would take in the new week’s trading. Note that, there is high congestion of sellers at 1,980 but a massive breakout awaits gold on overcoming the psychological hurdle at 2,000.
XAU/USD weekly chart
Reprinted from FXStreet，the copyright all reserved by the original author.
風險提示：本文所述僅代表作者個人觀點，不代表 Followme 的官方立場。Followme 不對內容的準確性、完整性或可靠性作出任何保證，對於基於該內容所採取的任何行為，不承擔任何責任，除非另有書面明確說明。
暫無評論，立馬搶沙發