Gold continued scaling higher on Wednesday amid sustained selling around the greenback. Bulls shrugged off the upbeat mood across the global equity markets, overbought conditions. Investors now eye the release of the US ADP report and ISM PMI for some trading impetus. Gold maintained its strong bid tone through the mid-European session and was last seen hovering near record highs, around the $2040 region. The precious metal prolonged its recent strong bullish momentum and built on the previous day’s impressive rally beyond the key $2000 psychological mark. The prevalent bearish sentiment surrounding the US dollar was seen as one of the key factors benefitting the dollar-denominated commodity. As investors looked past Monday’s upbeat US ISM Manufacturing PMI, the greenback resumed its recent bearish trajectory and moved well within the striking distance of two-year lows. The lack of progress on the next round of the US fiscal stimulus package further undermined the already weaker USD. The greenback was further pressured by growing market worries that the ever-increasing coronavirus cases could undermine the US economic recovery. Adding to this, escalating tensions between the world’s two largest economies created enough uncertainty for gold prices to continue scaling higher. Wednesday’s strong follow-through traction could further be attributed to some technical buying above the $2000 mark. Even the upbeat market mood – as depicted by strong gains across the global equity markets and which tends to weigh on the safe-haven commodity – failed to hinder the strong momentum. Meanwhile, extremely overbought conditions on short-term charts might turn out to be the only factor capping the upside. However, the fact that the commodity is yet to show any signs of possible bullish exhaustion, the stage seems set for a further near-term appreciating move. Moving ahead, market participants now look forward to a duo of important US macro data for some meaningful trading opportunities. Wednesday’s US economic docket highlights the release of the ADP report on private-sector employment and ISM Non-Manufacturing PMI for the month of July. Technical levels to watch 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. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: Buy dips around $2008 following correction from all-time highs – Confluence Detector FX Street 2 years Gold continued scaling higher on Wednesday amid sustained selling around the greenback. Bulls shrugged off the upbeat mood across the global equity markets, overbought conditions. Investors now eye the release of the US ADP report and ISM PMI for some trading impetus. Gold maintained its strong bid tone through the mid-European session and was last seen hovering near record highs, around the $2040 region. The precious metal prolonged its recent strong bullish momentum and built on the previous day's impressive rally beyond the key $2000 psychological mark. The prevalent bearish sentiment surrounding the US dollar was seen as one of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.