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Gold Prices Hit a Record High on Tuesday Morning — Supported by a Weakening Dollar

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Gold prices extended gains on Tuesday, driven by U.S.-China tensions and a weaker dollar, while expectations of more stimulus to revive pandemic-hit economies lifted the metal’s appeal as an inflation hedge. On Monday, gold prices hit a record of $1945 per ounce in international markets. In India too, spot gold prices hit a new high of ₹52260 per 10 grams.

The dollar nursed losses on Tuesday, after slumping to a two-year low, as investors worry about the damage from the coronavirus to the U.S. economy and await the latest outlook from the Federal Reserve and the passage of a new fiscal rescue package. The White House and Senate Republicans have reached “an agreement in principle” on the next coronavirus relief bill, a White House official said. At the same time the euro’s rise has been unstoppable since European leaders struck a deal for a common debt pool to fund recovery spending in the worst-hit countries. China’s net gold imports via Hong Kong stood at plus 0.87 tonnes, compared to minus 1.5 tonnes in May, the report showed. Total gold imports in June, via Hong Kong, rose 147.8% to 5.7 tonnes from 2.3 tonnes in May.

TREND : SIDEWAYS

Time                                      :           28/07/2020

Pivot                                      :           1950.91

Technical View                     :             LONG ABOVE 1962.12

Target                                   :            1973.35, 1980.69, 2002.85, 2024.65

Technical View                     :             SHORT BELOW 1940.16

Target                                   :            1929.41, 1921.65, 1899.95, 1870.35

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