Home Gold News GOLD Prices Tick Up to Nine-Year Highs

GOLD Prices Tick Up to Nine-Year Highs

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Bullion counter may extend its bullish rally, But as profit booking at higher level cannot be denied. Gold soared to a nine-year peak on Tuesday, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $20 threshold to an over six-year high. U.S. gold futures settled up 1.5% at $1,843.9. The U.S. dollar has dropped as the world is looking a little bit better. Interest rates have fallen across the yield curve and that again is another factor helping gold.

The U.S. dollar, viewed as safe-haven rival to bullion, hit more than a four-month low. U.S congressional leaders are set to discuss a fresh stimulus package this week. Hopes for another round of U.S. economic stimulus after congressional Republicans announced plans to seek another $1 trillion in coronavirus economic relief also supporting sentiment. Signs that the European Union countries are willing to compromise on a 1.8 trillion-euro ($2 trillion) coronavirus stimulus plan, should also keep bullion well supported. The silver price is rising because of its duality as not only a valuable investment but also as an industrial metal.

TREND : WEAK BULLISH

Time                                      :             22/07/2020

Pivot                                      :             1846.22

Technical View                     :               LONG ABOVE 1856.05

Target                                   :              1865.87, 1876.63, 1895.70, 1925.44

Technical View                     :               SHORT BELOW 1836.82

Target                                   :              1827.42, 1816.89, 1797.77, 1778.61

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