Gold to Continue Upwards as the US Dollar Remains Depressed

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Gold (XAU/USD) continued on its bullish momentum through the late North American session, although we saw a slight pullback from the new all-time high set earlier today.

One of the major factors precipitating this strong bullishness in gold includes the Federal Reserve’s decision to continue printing currency, rather inconspicuously, which of course depletes demand for the US dollar.

This ‘quantitative easing phase’ of the Fed will likely persist for a while considering that the US dollar is historically expensive against most other currencies across the globe.

Although it might look unsustainable for markets to continue on this rally against the USD, there’s still a long way for currencies like the Euro, Pound, and Yen to go. Gold is simply another currency and will act as such in this case.

While gold appears to be at ‘extreme highs,’ other currencies have been rallying heavily for decades now, and the yellow metal is simply playing catch up against the USD at this time.

Consequently, many analysts believe that the $1,800 is now the new ’floor’ for gold.

Gold (XAU) Value Forecast — July 27

XAU/USD Major Bias: Bullish

Supply Levels: $1,945, $1,950, and $1,960

Demand Levels: $1,930, $1,915, and $1,900

Gold spent most of today in a consolidation range as some traders are most likely taking their profits off the table. That said, this could trigger a modest price correction, which will renew the prospects for some dip-buying in gold.

At this time, a $2,000/oz price tag for gold has come into play and we could be approaching that target soon.

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