Nazi izinto eziNxibelela umkhethe weBullish kwiGolide

UAzeez Mustapha

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Gold (XAU/USD) remained in a consolidation range in the early European session and was last seen near the $1,765 resistance level.

In a recent editorial by Forbes, contributor Naeem Aslam mapped-out five key factors that are likely to underpin a bullish price action for gold in the coming days.

The key factors include:

A second wave of the novel Coronavirus: Naeem notes that investors are very hesitant towards riskier assets due to the rising Covid-19 cases globally, giving gold a strong safe-haven appeal.

Possible new tariffs on Europe: The Forbes contributor cites that President Trump was weighing new tariffs on $3.1 billion worth of exports from the UK, Spain, Germany, and France. If Trump continues on this path as tensions soar, investors will be forced to seek non-risky assets.

China-US trade war: The trade war between the world powers has taken an even more tense form as the phase-one US-China trade deal has become extremely strained due to the Coronavirus pandemic.

US Unemployment Claims: Naeem notes that the weekly jobless claims data shows just how bad things have gotten in the US labor market. Also, the prospects for a recovery in the near-term seems very unlikely.

Earnings season: Hopes were stoked when some economies began re-opening across the globe. However, that optimism will likely be erased considering the possible second wave will likely trigger unfavorable restrictions on companies’ activities.

I-XAUUSD-Itshathi yemihla ngemihla

Igolide (XAU) yeXabiso lokuQikelela - nge-26 kaJuni

I-XAU / i-USD Bias enkulu: Iindlela

Amanqanaba okubonelela: $ 1,765, $ 1,780, kunye ne-$ 1,800

Amanqanaba okufuna: $ 1,753, $ 1,745, kunye ne-$ 1,735

Gold has entered a consolidation range between the $1,765 and $1,758 level. Based on our momentum indicator, this consolidation is acting as a build-up phase for a likely sharp burst to the ambitious $1,800 level. We will see a rally upwards once gold picks up enough buyers at this level.

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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