The yellow metal is also supported by the continuous rise of Covid-19 cases across the globe which has given more credence to Gold’s safe-haven status. However, the recent glimmer of hope for a potential COVID-19 vaccine, the easing of lockdown restriction across the globe, and expectations of a “V-shaped” recovery curve for the global economy has capped any strong rally in the near term.
Investors also became optimistic after US President Donald Trump initiated the process to strip Hong Kong of its special status but did not dishonor the US-China phase-one trade deal. Neutral data release in China’s manufacturing sector also bolstered investors’ overall confidence in Gold.
Gold (XAU) Value Forecast — June 1
XAU/USD Major Bias: Bullish
Supply Levels: $1,745, $1,754, and $1,763
Demand Levels: $1,730, $1,722, and $1,717
Gold (XAU/USD) continues to show strong bullishness above the $1,730 pivot. We’re likely to see more volatility in the coming Asian session.
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