Streaking Gold Climbs To Record High

www.investing.com/analysis/streaking-gold-climbs-to-record-high-200532022

By Kenny Fisher | Jul 27, 2020 09:18AM ET

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XAU/USD

-1.01%

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Gold

-1.07%

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GLD

+0.15%

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USDIDX

+0.10%

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Gold investors were treated to some excellent news on Monday, as the price climbed to an all-time high at $1,941.90 an ounce, breezing past the previous record of $1,923.70, which had stood all the way since 2011.

Gold is a traditional safe-haven asset, and there a slew of reasons why nervous investors are seeking safe harbor. The most recent development is an escalation in tensions between China and the US. Last week, the US ordered the closing of the Chinese consulate in Houston, charging China with spying and stealing sensitive data. China has retaliated by closing the US consulate in Chengdu. As well, a spike in coronavirus cases across the world has put the markets on edge. Finally, a US pandemic stimulus bill is bogged down in Congress, at a time when the US recovery appears to have taken a step back.

The US dollar has shown broad losses against other major currencies, as the Federal Reserve has sliced interest rates close to zero and implemented other easing measures in order to stabilize the economy. It could be a rough road for the dollar this week. The Fed holds its monthly policy meeting on Wednesday, and there is talk that the Fed could add further easing measures, such as negative rates. This would be bearish for the dollar. As well, the US releases the first estimate of GDP for the second quarter, with the forecast standing at a staggering -35.0%. Even if the decline is substantially lower, it’s quite likely that investors would react negatively, sending the greenback lower and pushing gold higher. With the yellow metal climbing 8.7% in July, the lofty $2,000 level appears within striking distance.

XAU/USD Technicals

Daily Spot Gold Price

XAU/USD is currently trading at 1936.15, up 1.82% on the day.

$1,917.95 is providing support. Below, there is support at $1,909.41
$1,945.13 is the next resistance line

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

Mar 19, 2025

ECB

2.90%

Mar 06, 2025

BOE

4.50%

Mar 20, 2025

SNB

0.50%

Mar 20, 2025

RBA

4.10%

Apr 01, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

US 30	43,555.0	+120.7	+0.28%
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Streaking Gold Climbs To Record High

XAU/USD Technicals

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