Gold Finds Its Footing Above $1,800 as It Aims Towards New Multi-Year Highs

Gold Finds Its Footing Above $1,800 as It Aims Towards New Multi-Year Highs

Gold (XAU/USD) traded with a mild bullish undertone in the early European session on Thursday and was last spotted trading above the $1,810 support.

The yellow metal has now stayed on a bullish streak for the fourth consecutive session. The US dollar remained under strong bearish pressure well into the early trading hour of Thursday and is one of the major proponents for the bullishness of the dollar-denominated commodity.

This comes on the heels of growing concerns over the ever-rising number of Coronavirus infections globally. This coupled with a slight retrace in the US equity futures provided additional support to the non-yielding metal’s safe-haven appeal. However, the prospect of a swift economic recovery remains in the picture and continues to suppress further gains in gold.

Moving on, market participants will be looking at the US economic docket, which features the release of Initial Weekly Jobless Claims, for clues. The data is expected to have some meaningful influence on the price dynamics of the USD later on today.

XAUUSD – Daily Chart

Gold (XAU) Value Forecast — July 9

XAU/USD Major Bias: Bullish

Supply Levels: $1,820, $1,830, and $1,840

Demand Levels: $1,800, $1,795, and $1,789

Gold remains in a strong bullish trend as it continues recording new multi-year tops. Currently, the yellow metal is locked in a battle with the $1,815 resistance and remains supported by the 21-day moving average line. We could see a slight pullback yet again from this level as we are still treading in overbought territories.

A fall from this level (away from the 21-day MA) will likely be immediately supported by the $1,800 and will be considered as a dip-buying opportunity.

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