Home Gold Asia Price Forecast: XAU/USD hits eight-year’s highs, trades above $1700/oz
FXStreet News

Gold Asia Price Forecast: XAU/USD hits eight-year’s highs, trades above $1700/oz

FX Street
Updated:
  • XAU/USD starts the trading week reaching levels not seen since late 2012. 
  • The level to beat for bulls is the 1740 resistance.
 

XAU/USD daily chart

 
Gold broke to fresh 2020 highs while trading above the main DMA (daily simple moving averages) suggesting that buyers remain in full control of the market. 
 

XAU/USD four-hour chart

 
XAU/USD is trading above the main SMAs while breaking above the 1690/1700 resistance zone as bulls are eyeing the 1740 and 1780/1800 levels on the way up. On the flip side, support can emerge near the 1690/1700 price zone and the 1660 level on any dip down.
 
 

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024