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Gold Price Rally Continues Unchecked, XAU/USD Prints a Fresh 8-Year High

Gold Price Rally Continues Unchecked, XAU/USD Prints a Fresh 8-Year High

2020-07-08 09:30:00
Nick Cawley, Strategist
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Gold Price (XAU/USD) Analysis, Price and Chart

  • Gold touches $1,800/oz. as buyers remain in control.
  • Overbought signal may suggest short-term consolidation.
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Gold Continues to Respect Trend Support

Gold has just made a new eight-year high and is pressing the $1,800/oz. level as buyers continue to dominate price action. A slight risk-off tone in global markets today has underpinned the move while lower US Treasury yields reinforce the underlying strength of the move higher in the precious metal. On Tuesday, the US Treasury sold $46 billion of 3-year notes at a yield of just 0.189%. The 3-year UST started the year yielding around 1.55%.

Gold Price Rally Continues Unchecked, XAU/USD Prints a Fresh 8-Year High

The rally off the early June low at $1,671/oz. has produced a strong supportive trendline that continues to be respected. The sharp angle of this move higher now warrants a note of caution as a steep trendline can be broken easily when market conditions get pushed to extreme levels. The CCI indicator is now in overbought territory, suggesting that the market may need a period of consolidation if it is to press higher. Today’s trading range of around $9/oz. is also half of the current 14-day average true range which leaves both a break below support or a run above $1,800/oz. on the table. If gold breaks higher there is little in the way of strong resistance on the daily chart to prevent a long-term run at the September 2011 high at $1,921/oz. A break and close below the supportive trendline, currently at $1,789/oz. would then see gold back among a cluster of supportive lows all the way back down to horizontal support at $1,750/oz. Gold needs a period of consolidation before making the next move.

Gold Daily Price Chart (December 2019 – July 8, 2020)

Gold Price Rally Continues Unchecked, XAU/USD Prints a Fresh 8-Year High
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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.

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