Gold Etches Closer to Its Highest Point Since 2012

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

Gold (XAU/USD) traded with a positive undertone through the early European session and was last spotted trading near multi-year highs at the $1,778 level.

Although recent reports have given more credence to the possibility of a sharp V-shaped global economy recovery, investors remain apprehensive considering the rising number of Coronavirus cases globally. This coupled with a sharp decline in the global equity markets has provided further support to the yellow metal.

The ‘anti-risk flow’ was bolstered by an intraday decline in the US Treasury bond yields, which consequently benefited the non-yielding commodity. However, fresh overbought conditions slowed down the bullish momentum amid a subtle pickup in the US dollar demand, which undermines demand for gold.

That said, rising open interest and positive price action will solidify the continuation of the uptrend in the very near-term. Any corrective slide at this point will be considered as a buying opportunity given that there is no relevant market-moving US economic release today.

XAUUSD – Daily Chart

Gold (XAU) Value Forecast — June 24

XAU/USD Major Bias: Bullish

Supply Levels: $1,785, $1,790, and $1,800

Demand Levels: $1,765, $1,753, and $1,745

After consolidating for a little while in our pivot range, gold snapped the $1,770 level and is now headed strongly towards the long-awaited $1,800 psychological level. A slowdown may be seen in the near term considering that we are now in overbought territory. A drawback from this level, however, will only attract more buyers making a sustained decline very unlikely.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *