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Gold Prices Soar to Multi-Year Highs; Potential Drivers For The Next Leg Higher

Gold Prices Soar to Multi-Year Highs; Potential Drivers For The Next Leg Higher

Nick Cawley, Strategist

Gold (XAUUSD) Price Analysis, Price and Chart

  • Technical set-up remains positive as higher lows and highs dominate.
  • US Q1 earnings and initial jobless claims may drive a risk-off move.

Gold Spirals to a Fresh Seven-Year High

The price of gold continues to break higher and today opened above the recent seven-year high made just over one month ago. The technical backdrop for gold remains positive with a series of higher lows in place for the last two weeks, while higher highs also underline the positive sentiment in the market. We wrote last week about the positive chart signals that suggested a run at the $1,703/oz. peak and these remain in place. A period of consolidation above the previous high would help to further confirm upside potential. A swing high on the monthly target just under $1,800/oz. will continue to interest gold bulls. While the backdrop for gold does look positive, the CCI indicator is in overbought territory and flashing a short-term warning signal.

Gold Price Forecast: Is Gold Setting Up For The Next Leg Higher?

This week sees US Q1 reporting start with companies expected to show at least some of the effect of coronavirus on their business. If already lowly market expectations are missed, the recent risk-on sentiment may fade, adding to gold’s allure. In turn, any beats may stall gold’s progress higher. US banks dominate proceedings this week with JP Morgan and Wells Fargo on the slate today, with Morgan Stanley Citi, BofA and Goldman Sachs reporting on Wednesday. On Thursday the latest weekly US initial claims data is expected to show another 5.5 million US citizens filing jobless claims which would mean that over 22 million people have joined the unemployment queue in the last month.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAUUSD) Daily Price Chart (August 2019 – April 14, 2020)

Gold price soars to a seven-year high

What is your view on Gold – are you bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.